Doctoroff spoke of plans to improve the area through a 40-year plan to redevelop the entire West Side. "New York City is reliant on office space. We don't have enough space to accommodate businesses that want to expand or relocate." Construction is expect to get under way early next year on part of the revitalization efforts, including the extension of the #7 subway line, he said. He added that a 6,000-page Draft Environmental Impact Statement is expected to be submitted in two weeks.

Doctoroff also talked up the benefits of the proposed New York Sports and Convention Center, which has been criticized of late in a television campaign. "It's not just a stadium. It's a revolutionary building," he said, adding that it's "not a building that uses taxpayers' money." He noted that the city expects revenues from the site, which will be used as a home for the New York Jets and for other events, to be in the neighborhood of $30 million per year. That revenue, he noted, could in turn be used for the city's vital services.

He expects the public to eventually come on board and be enthusiastic about the project. "Once they listen to facts, not to myth, enthusiasm will grow." He said the NYSCC, which could cost upwards of $1 billion, plays a "critical role in accelerating development in the area." He also noted that it is "absolutely essential" for the city to win the bid for the 2012 Olympics.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.