- Proposed redevelopment of Hudson Yards. Image: dbox, courtesy of Related Companies.
$1.054 billion offer adds more affordable housing than Tishman’s plan. On March 26, 2008, the MTA selected Tishman Speyer to develop the John D. Caemmerer Rail Yards, also known as the Hudson Yards. 5 CityLand 46 (Apr. 15, 2008). But on May 13, 2008, Tishman withdrew its proposal, prompting the MTA to select a proposal submitted by a joint venture between the Related Companies and Goldman Sachs.
Related/Goldman’s proposal is equal in value to Tishman’s, but calls for more residential space, at 5.3 million sq.ft., less commercial space, at 5.5 million sq.ft., and more public space, at 15 acres. Moreover, 20 percent of all residential rental units, approximately 440 units, will be permanently affordable. The new proposal also seeks to retain the entire High Line; unlike Tishman’s proposal, which called for removing the 10th Avenue spur. (read more…)
