Key elements of the plan call for the expansion of the No. 7 subway line with major stops at 34th Street and 11th Avenue, and 41st Street and 10th Avenue as well as the creation of a platform over the Eastern Rail Yards, from 30th & 33rd streets between 10th & 11th avenues, to create a six-acre park and to allow for development by private developers and cultural institutions. Other infrastructure improvements will include a new street system and parks.
The three senior managing underwriters for the issuance of the bonds will be Goldman, Sachs & Co., JPMorgan and Bear, Stearns & Co.
Three principal sources of finance revenue are expected to come from Pilot payments from private developers, contributions by developers to an improvement fund to obtain a floor area bonus and from the sale of development rights on the rail yards.
The Hudson Yards planning area extends from West 28th Street on the south, Eighth Avenue on the east, West 42nd Street on the north, and the Hudson River on the west. Based on a study conducted by Cushman & Wakefield and Economic Research Associates, the NYC Economic Development Corp. and the Department of City Planning expect that 28 million sf of commercial office space, 12.6 million sf of residential space, 960,000 sf of hotel space and 680,000 sf of retail space will be built in the area during the next 30 years. According to city estimates, by 2025, there could be as many as 443,450 jobs brought to that area of the city.
Also in the works is the state and city partnering on the expansion and modernization of the Jacob K. Javits Convention Center and the establishment of the New York Sports and Convention Center to serve as the future home of the New York Jets football team as well as the Olympic stadium if the city is selected to host the 2012 Olympic Games.
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