An artist's representation of the upcoming residential units and casino planned for Hudson Yards.
New York City’s Hudson Yards project is set for a transformative proposal by Related Companies, which includes building new residential units and a potential casino. The plan aims to increase housing from 1,500 to 4,000 units, responding to community concerns about reduced housing availability. With City Council approval needed for zoning changes, the project also promises job creation and fiscal benefits. Despite skepticism from local community leaders, the City Planning Commission has approved the initial plans, paving the way for significant developments in the area.
New York City is buzzing with big developments regarding the Hudson Yards project! Related Companies is on the brink of a major proposal that could significantly change the landscape of the city. In a bold move, they plan to build two shiny new residential buildings on the south end of the Western Rail Yards site, right next to a potential new casino. This isn’t just any old real estate change; it will double the number of housing units in the Hudson Yards casino complex from 1,500 to as many as 4,000.
But wait, there’s more! This proposal is a direct response to community uproar and concern over the decrease in housing units from the originally promised 5,800 homes that were based on a rezoning effort back in 2009. To accommodate this increase in housing, Related Companies plans to scrap a proposed towering 1,400-foot office tower, which shows they’re putting the needs of the community first.
Why the rush, you ask? Related Companies is vying for one of three coveted state-led casino licenses, which are expected to be announced this year. To throw their hat into the ring, they need to secure City Council approval for the zoning changes. These changes are crucial not just for the casino, but for the residential units as well.
The proposed financing structure for this ambitious project is pretty clever! It revolves around payments in lieu of taxes (PILOTs) to fund the new housing and help cover the whopping construction costs for the $2 billion platform that will sit over the existing rail infrastructure. Think of it as a financial model that mirrors the successful funding model used during the early phases of Hudson Yards, which brought in tax revenues that surpassed expectations.
Even with all these new plans, Related Companies maintains their commitment to include the same number of affordable housing units (324) as initially promised, all while keeping crucial amenities intact, including open spaces, a public school, and a daycare center.
Despite the pushback, the City Planning Commission voted to approve the initial plans. This decision underscores the importance of community engagement and benefits, as it seems that people want to see development that prioritizes their needs. Related Companies has projected that their project could generate around $80 million annually in PILOT payments, securing funding to keep the ball rolling.
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