A new perspective of the planned residential development in Hudson Yards featuring green spaces.
Related Companies has abandoned its plan to build a casino in Hudson Yards following community opposition and the withdrawal of Wynn Resorts. The new focus will be on a large residential development that includes four towers with 4,000 housing units, addressing community needs and adhering to City Council guidelines. Local Councilman Erik Bottcher announced the updated development plan, which aims to deliver affordable housing and additional green space, reflecting a shift towards a more community-friendly development in the area.
Local Councilman Erik Bottcher announced the new agreement, which incorporates a major residential complex consisting of four towers housing approximately 4,000 units. This redevelopment plan is part of a broader deal with the City Council and includes the construction of a hotel. Councilman Bottcher highlighted the absence of community support for the casino as a significant factor influencing the decision to pivot to residential development.
The initial casino proposal faced considerable backlash due to its departure from a 2009 agreement that had been established to ensure a more community-friendly development, favoring shorter buildings and emphasizing housing. The original plan was criticized for its potential impact on the neighborhood, raising concerns among both residents and local stakeholders.
In response to the community’s apprehensions, Related has made several concessions as part of the new plan. These include the reduction of tower heights in the podiums and the addition of a one-acre lawn adjacent to the High Line, a popular urban park. Further increasing the project’s community benefit, the number of affordable housing units has risen from 324 to 400.
The modified plan also reflects a comprehensive approach to the former casino site, which will now potentially accommodate an office tower, residential units, and possibly another hotel. Notably, the new development features a 6.6-acre public park, greatly enhancing the green space available to local residents.
Related intends to leverage the state’s 485-x tax incentive to augment the proportion of affordable housing units in the new project. A payment-in-lieu-of-taxes (PILOT) arrangement will also be approved by the City Council, aimed at helping finance a $2 billion platform that will cover the train yard beneath Hudson Yards.
The residential complex represents one of the largest development projects in New York City in recent years, with potential benefits extending to housing availability and job creation across multiple income levels. Related’s CEO emphasized the importance of the project in generating significant revenue for public transportation systems, specifically targeting over $2 billion for the Metropolitan Transportation Authority (MTA) and subway infrastructure.
Community advocacy groups, such as Friends of the High Line, have expressed approval over the rejection of the casino proposal, indicating that their concerns regarding the development had been addressed through this shift in focus.
The decision by Wynn Resorts to withdraw from the casino project was attributed to the challenging local political environment and widespread community opposition, which had been mounting since the project’s inception. The casino had initially been proposed as a 2.7 million-square-foot establishment called Wynn New York, but sustained resistance from various local entities, including Community Board 4 and Manhattan Borough President Mark Levine, contributed to its downfall.
Looking forward, bids for potential casino projects in the state are due by June 27, with the state considering up to three licenses to be awarded by the end of the year. Meanwhile, Related’s transition from a casino development to a large-scale residential project marks a significant shift in the future of Hudson Yards, emphasizing a stronger alignment with community interests and needs.
Recent Real Estate Developments in New York City
GoodSpace Opens First Manhattan Office
Nasked Cashmere Expands to Manhattan’s West Village
New York State Increases Payroll Mobility Tax to Fund MTA
New Developments Shaping New York City’s Real Estate Landscape
New York City Fully Funds MTA’s $68.4 Billion Capital Plan
Housing Developments and Casino Plans in New York City
Casino Proposal in Manhattan Sparks Community Debate
News Summary President Donald Trump has arrived in Scotland for a five-day trip mixing diplomacy,…
News Summary President Donald Trump arrived in Scotland for a five-day trip, engaging in discussions…
News Summary Governor Kathy Hochul has announced plans for New York's first new nuclear power…
News Summary New York has officially unveiled the second phase of the School Tax Relief…
News Summary New York State will implement new regulations in 2026 requiring all new buildings…
News Summary A historic fast-food site in New York City has recently been sold, marking…