Related Companies and Oxford Property Group broke ground yesterday at Hudson Yards, their Far West Side development. 6 years of planning has led to this, and it may be Mayor Bloomberg’s greatest legacy in the final moments of his third term. The public/private development is set to rise on 26 acres over the next 12 years beginning with the Hudson Yards South Tower. The South Tower will be the 47-story home of the luxury retailer Coach, located at the northeast corner of Tenth avenue and 30th Street. The South Tower will also include 740,000 square feet owned by Coach to be used as a commercial condominium.
During the groundbreaking ceremony Bloomberg said that the massive new development would make use of Manhattan’s “final frontier,” adding that the development would comprise New York City’s “next gold coast.” City Council Speaker Christine C. Quinn repeatedly made clear that the Hudson Yards development would bring a lot of affordable housing to the area and that community groups had come together to make the $15 billion project a reality.
A question and answer session followed the groundbreaking ceremonty, and during that time Mayor Bloomberg was grilled about his thoughts concerning his successor. He refused to make any public statements in regards to Secretary Hillary Clinton’s candidacy. He did endorse Quinn however, saying that, “She’s a leader.” He also said that he believed his administration to be a success and that he has Quinn to thank for much of that.
By the time the Hudson Yards is completed in 12 years, it should produce about six million square feet of additional commercial space for the city. Related chairman Stephen Ross insisted that the project would finish both on time and on budget. He previously mentioned to the New York Daily News that 80 percent of the South Tower is already leased, and that his company would make announcements about additional commercial leases there soon. The South Tower is expected to be completed by 2015. The next tower in the project, the 2.4 million square foot North Tower, is scheduled to be completed by 2018.