(Read more on the industrial market and more on the multifamily market.)
NEW YORK CITY-Five developers submitted proposals for the right to build on the MTA-owned Hudson Yards property on the West Side that was once slated to be the home of New York Jets Stadium. As GlobeSt.com previously reported, among the proposals are new headquarters for Conde Nast Publications among other mixed-use developments including parks, green areas, commercial skyscrapers as tall as 70 stories, more than 4,600 apartments and a cultural center and more.
An MTA spokesman notes that all five bidders submitted proposals for both the Eastern and Western Yards in a release following the 5 p.m. deadline yesterday. The bidders include Extell Development Co., Brookfield Properties Developer LLC, the Related Cos., TS West Side Holding LLC–a joint venture of Tishman Speyer and Morgan Stanley, Hudson Center East LLC, and Hudson Center West LLC–a joint venture of Vornado Realty Trust and the Durst Organization Inc..
As GlobeSt.com previously reported when Gov. Eliot Spitzer, Mayor Michael Bloomberg, New York Council Speaker Christine Quinn, and MTA director and CEO Elliot Sander opened the two Requests for Proposals in July, construction won't be cheap. Any builder would have to spend up to $1 billion to put platforms over the LIRR tracks on the east and west sides of 11th Avenue before putting up any buildings, while trains continue to move in and out of the yards
The proposals will now be evaluated by MTA staff in conjunction with the Hudson Yards Development Corp., and then reviewed by a selection committee with a majority of its members appointed by MTA and with two representatives from Hudson Yards Development Corp.
According to the MTA release, the recommended proposal(s) for each yard will then go to the MTA board for consideration in the first quarter of 2008. Information on the design proposals will be made available for public review and comment prior to the submission of the Selection Committee's recommendations to the board.
The release notes that the MTA is committed to engaging the public in the design review process in a meaningful way. No further details of the proposals were made public.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
