Late last month, Related announced that Bank of America and a Middle East wealth fund have agreed to provide $400 million in financing that will allow the developer to proceed next month with construction on its LEED Platinum-hopeful, 46-story KPF-designed office tower at the corner of West 30th Street and 10th Avenue. Not only is the financing good news for green building in New York City generally, but, as Curbed notes, it may also be a sign that the new development market is – finally – returning to life after the 2008 downturn, as Hudson Yards is currently the largest active privately funded development project anywhere in the country.
Almost exactly a year ago, the handbag maker Coach agreed to purchase a 600,000-square-foot condominium interest in the tower – the first to rise at the 60-block, 300-acre Hudson Yards development on Manhattan’s West Side. That deal was for approximately one-third of the space at the 1.8 million-square-foot tower (pictured). Coach’s occupancy will be across the lower portion of the 950-foot tall building, which will include an atrium at its base that incorporates a piece of the final section of the High Line- to be preserved as part of KPF’s master plan for the site.
Again, that plan calls for 5000 apartments in 9 residential buildings, 6 million square feet of commercial office space with 1 million square feet of retail, a 150-room, 5-star hotel, a 750-seat public school, and 20 acres of open public space. It also aims to make Hudson Yards “one of the most sustainable large-scale urban developments of its day, reflecting the new best thinking in high performance and environmentally sensitive design, construction, and operation.”