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West Side Rail Yards Bidder Drops Out
By
Jen Chung
Published Feb 27, 2008
Modified Mar 7, 2008
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By
Jen Chung
Published Feb 27, 2008
Modified Mar 7, 2008
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Brookfield Properties, which had offered a plan to bring back streets - as well as 12 million square feet of development and 15 acres of public space - to the West Side Rail Yards, has declined to continue in the bidding process. The MTA had requested revised Hudson Yards proposals with more financial details by yesterday and the bids received were from Durst and Vornado, Tishman Speyer and Morgan Stanley, Extell, and Related Companies.
Brookfield CEO Richard Clark said, per the NY Times, "he hoped to continue a dialogue with the transportation authority," suggesting Brookfield could potentially partner with another developer on the West Side Rail Yards. Brookfield is already working on a development nearby, on 9th Avenue and 31st Street, which Curbed has dubbed "Mini Hudson Yards."
Why did the MTA request revised proposals? Well, it changed the ownership structure of the rail yards: Instead of developers owning the land, the MTA would instead lease it, enabling the perpetually cash-strapped agency to raise rents. However, former MTA chief is doubtful anything will get built, given the current state of the economy.
And Brookfield's proposed Hudson Yards design - which you can still see at brookfieldpropertieshudsonyards.com - got a mixed review from NY Times architecture critic Nicolai Ouroussoff, who thought it had "real architectural talent" but it resulted in "sophistication without adding much substance": The "retail mall and commercial towers along 10th Avenue" gives "the public park an isolated feel" and a "hotel and retail complex cuts the park in two, so that you lose the full impact of its sweep."
Tagged
brookfield properties
hudson yards
morgan stanley
MTA
Nicolai Ouroussoff
ny times
real estate
related companies
The MTA
tishman speyer
vornado
west side
west side rail yards
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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