It was a bold move—the largest private real estate development in U.S. history in fact—but after breaking ground in 2012, Hudson Yards is finally starting to take shape as its own neighborhood. Running from 30th to 34th Streets between Tenth Avenue and the West Side Highway, Hudson Yards will be the largest real estate development in New York since Rockefeller Center back in 1939.
The numbers alone are staggering. Related Companies and Oxford Properties, Hudson Yards’ main developers, have spared no expense or ambition on this project. The site will contain one million square feet of retail and mixed-use space, 18 million square feet of commercial and residential space, and 100 shops featuring everything from couture designer fashions to more accessible retail outlets. And, as if that wasn’t enough, Oxford and Related look to create 4,000 state-of-the-art residences, a 750-seat school, and 14 acres of public open space.
Needless to say, all of this new development racks up a pretty significant bottom line, with the project expected to cost over $20 billion in total. Just recently, the developers received the $3.8 billion financing needed to complete Hudson Yards flagship 50 Hudson Yards tower.
The project is estimated to contribute $19 billion annually to New York’s Gross Domestic Product (GDP), which is about 2.5 percent of the citywide GDP. And with 23,000 new construction jobs created by the development, Hudson Yards looks to turn over plenty of financial gain for all of its many building expenses.
And that goes for its commercial leasing as well, with more than 6.5 million square feet of commercial office space already leased to firms such as Coach, L’Oreal USA, the Boston Consulting Group, and many more. Additionally, the 50 Hudson Yards tower is one of the few office buildings to accommodate over 500 people per floor, making it an even more exciting development.
Hudson Yards’ park and gardens are projected to be equally as extraordinary. Heatherwick Studio was tapped to create “Vessel,” the park’s centerpiece, which features 154 intricately interconnecting flights of stairs, with a 50-foot base that widens to 150 feet at the top. The public will be able to climb up almost one mile to its top, and witness its beautiful views of the West Side.
Hudson Yards hasn’t forgotten about the arts, either, as adjacent to the gardens is The Shed, New York’s first multi-arts center. The Shed’s vision is simple: to foster the creation of performing arts, visual arts, and popular culture. Everything from hip hop, classical music, visual art, literature, film, theatre, and dance will be brought together under one roof, allowing the best and brightest artistic minds from around the world to successfully collaborate.
And if all of that wasn’t enough, there are even talks of hosting New York Fashion Week (NYFW) at Hudson Yards in the future. Hoping to become a fashion destination as well as a sleek new neighborhood, Hudson Yards has been courting IMG, a company that hosts the largest number of NYFW shows, to relocate to Hudson Yards upon its completion.
Of course, the big question remains: when will Hudson Yards be completed? The project has, after all, been in the works since 2003. It’s hard to say exactly, but phase two of development is estimated to begin in 2018, and hopefully reach completion by 2024. However, shops, restaurants, The Shed, and the public square featuring Heatherwick’s “Vessel” are expected to open between 2018 and 2019. And while it may be a longer wait for phase 2, with so many promising developments, it’s safe to say that New York’s new neighborhood will be well worth it.
For more information, visit: www.hudsonyardsnewyork.com
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