Related Companies and Oxford Properties start 26-acre Manhattan development
Related Companies and Oxford Properties have started construction at the Hudson Yards, a 26-acre site that was the single largest piece of undeveloped property in Manhattan, now set to become the centrepiece of the historic expansion of midtown Manhattan’s central business district to the west side.
New York City Mayor Michael R Bloomberg and City Council Speaker Christine Quinn joined Related Companies chairman Stephen M Ross and OMERS Investment Committee chair Bill Aziz to celebrate the start of construction.
Construction has commenced on the first tower, the 1.7 million-square-foot, 47-story South Tower – at the northeast corner of 10th Avenue and 30th Street – the future home of Coach Inc’s world headquarters.
The anticipated LEED Gold tower, designed by Kohn Pedersen Fox Associates, will be completed in 2015.
The development of the Hudson Yards is expected to create nearly 23,000 construction jobs. Eventually more than 40,000 people will work in or call Hudson Yards their home.
“Developing Manhattan’s final frontier is the next major step in our city’s ongoing economic revival,” says Mayor Bloomberg. “The Hudson Yards project – whose construction will create 23,000 jobs alone and whose existence will support thousands more – is a testament to our city’s economic strength. Related and Oxford’s massive and bold investment in this project and the commitments from these tenants demonstrate the confidence in the city's future and the future of the West Side.”
“The history of our city has been defined by a series of moments where dreamers dug deep into their imagination, challenged the realm of possibility and brought the seemingly unachievable to life,” says Ross. “For 21st Century New York, today is our moment as we start the Hudson Yards, one of the most ambitious developments ever undertaken in the country. Hudson Yards will be the new heart of New York City with state-of-the-art commercial space, vibrant retail and restaurants, a unique cultural centre, over a dozen acres of public space with iconic plazas and important public art, a school, residences and affordable housing.”
“This is an exciting day for Hudson Yards, for Oxford Properties and our partner Related Companies, and for New York City,” says Blake Hutcheson, president and chief executive of Oxford Properties Group. “The team that has come together on this project is extraordinary and the belief in city building that the Bloomberg Administration and the MTA have demonstrated is inspired. Upon completion, Hudson Yards will dramatically alter the skyline and will provide significant benefit to the citizens of New York City. Everyone involved in the planning and development of Hudson Yards, and those who choose to work, shop, live and play here, are all a part of something truly remarkable.”
In 2010, Oxford Properties Group, the real estate investment and development arm of the OMERS Worldwide group of companies, partnered with Related as general partners in the development. In May 2010, Related and Oxford signed a contract with the MTA for the 13 million square feet of development rights at the Hudson Yards.