Related Companies and Wynn Resorts have collectively developed and proposed the plan for the Hudson Yards project in front of the New York City Council. The proposal has been rejected before, and after feedback from the community, it has been revised and resubmitted. If the proposal gets approved in this voting cycle, then Manhattan’s housing stock will have another big addition.
Highlights
- Related revised the proposal for Hudson Yards and increased the housing units from 1,500 to 4,000.
- In the coming weeks, the Council will cast their vote for the project, and if it gets approved, it will be one of the largest housing projects.
- This earlier rejected and now revised project plan will take approximately 5 years for completion, if approved.
Related Decided to Double Down on Housing Units
Related Companies and Wynn Resorts have proposed the Hudson Yards project to add a dynamic condo property to New York. In the initial proposal, it was a $12 billion casino project for which 1,500 housing units, a 1,400-foot-tall office tower, and other amenities were planned.
The proposal was rejected once in January and then in February by the Manhattan Community Board because, according to them, the project was not utilizing its full housing potential, and the 2009 rezoning terms were not being fulfilled. The company then surveyed and talked to community members to make revisions as per the feedback.
Approval of this proposal is important for the company as they are seeking one of the three downstate casino licenses. So, the company revised the proposal and decided to replace the office tower with residential buildings to offer a total of 4,000 housing units. This almost doubling down of housing units will be supported by a historic funding model.
How Will the Hudson Yards Casino Project Look?
Before disclosing what has been planned for the Hudson Yards site, it is important to know how the company plans to manage its finances. A very successful financial model, PILOTs (payment-in-lieu-of-taxes), has been adopted. This will help in overcoming financial challenges and property taxes. Over time, Hudson Yards is expected to generate $2 billion in revenue, which is more than the expected amount for New York City.
The Hudson Yards West project will have 30th and 33rd Streets and 11th and 12th Avenues around it. The project will cover two-thirds of the 13-acre railyard site. It will consist of 4,000 housing units, a 5.6-acre public park, a public school, daycare facilities, and other amenities for the community. Wynn Resorts will also develop a gaming facility and hotel. This project will likely need five years to complete and will generate 35,000 union construction jobs.
A casino or gaming license and the project approval will be the biggest win for Related and will add to the housing stock of Manhattan. There are several other competitor projects for the same. However, some of the community members have varied opinions on this project. Those opposing the project also plan to testify in front of the City Council during the hearing. Now, the next voting session will determine the future of Hudson Yards.
