Rezoning of Hudson Yard Term Paper

Pages: 12 (3840 words)  ·  Style: MLA  ·  Bibliography Sources: 5  ·  Level: Master's  ·  Topic: Transportation

SAMPLE EXCERPT:

[. . .] Proper development of the MTA rail yards.

More than 10 acres of public open spaces and new parks.

That level of rezoning would take time to adjust to, and had to also be planned around making sure people could get access to the various areas that had been rezoned. Without proper mass transit access, the project could become a colossal and highly expensive failure. Fortunately, the city also had a plan for the No. 7 subway line, so people could get to the newly developed area when it was completed.

The value of that was significant to the overall value of the entire project, and something without which the project would not be able to go forward successfully.

Improvement of Mass Transit Access

With the various sections that were being designed for specific needs, and the massive undertaking that was the overall rezoning of the Hudson Yards area, the No. 7 subway came into play, as well. The MTA selected S3 II Tunnel Constructors, which was a joint venture of Shea, Skanska, and Schiavone, for the first contract, which was offered in 2007 for $1.1 billion.

That contract was designed to be completed in 2010, and included tunnels that would be run from 25th Street all the way to Times Square, an excavation of the 34th Street station cavern from 33rd to 37th Streets, and an underpinning of the subway station at 8th Avenue and 41st Street.

The tracks at Times Square also needed modification. In 2009, the tunnel boring machine arrived and was assembled in the starter tunnels that had been created to give it space to work.

Each week, the machine ground its way through 5,000 cubic yards of rock and permanent concrete linings were placed into the tunnel.

These linings had been precast, so they would be available as the machine made access for them.

The second contract was bid out in 2010 for ancillary buildings and finishes, with the plan to have the No. 7 extension operational before the end of 2014.

When Hudson Yards is fully developed, the 34th Street station will accommodate up to 30,000 riders during peak hours.

The providing of mass transit access, as a vital part of the Hudson Yards project, needs to remain on budget and on schedule in order to help ensure that the city made the correct decision in going forward with the entire project. Without a way to get large numbers of people to the new area, there will not be enough businesses, residents, and visitors to provide economic viability. The ability to get people there and the rezoning to allow a number of businesses will make the area one to consider for nearly everything a person needs. In addition to businesses and transit, open space was also an important part of the plan.

Providing Open Space

Between 10th and 11th Avenues, and running all the way from W. 33rd to 42nd Streets, will be the Hudson Park and Boulevard.

There will be 800-foot-long blocks that will be divided into development sites that are planned out as to be properly suited for numerous types of mixed-use development ideas.

The open space is an essential part of the amenities being offered with the Hudson Yards project, and is part of the way future residents will be served and Class A office space will be advertised.

World class design teams were selected through a competition in 2008.

The city selected Michael Van Valkenburgh Associates as the firm for the landscape architecture, and the construction of Phase I was completed in 2013.

The Impact of the Rezoning

Governmental acquisition of property was required in order to gain enough space to create new municipal facilities as well as underground parking, open space, parks, and the area where the No. 7 subway line would be extended through. While there was less commercial and residential displacement than many of the other recent projects that have taken place in NYC, the impact of the rezoning and the displacement it caused was still an important issue that affected a number of people. Sixteen acres of MetroTech were affected, including 200 businesses and 50 residences.

In downtown Brooklyn, where 115 acres were needed for the rezoning, 100 businesses and 130 residences were affected.

The NY Times Bldg. was part of the rezoning, too, with 47 businesses and 50 residences displaced.

Of course, the biggest change was to the Hudson Yards area itself, where 360 acres were claimed for the rezoning.

Ninety-three businesses and between 39 and 50 residences were displaced through that acquisition.

While up to 50 residences were acquired by the government in the Hudson Yards area, it is believed that the project will create many more residences within its borders than it was required to displace in order to move forward with the project.

There could be up to 13,500 residential units in the Hudson Yards area when it is completed, and 4,000 of them would be affordable housing units.

The businesses that were forced to vacate due to the rezoning and expansion will also have something to which they can look forward, as there will be a number of commercial spaces within the Hudson Yards project. There could be more than 218,000 indirect and direct temporary jobs because of the construction, and 234,000 direct and indirect permanent jobs created based on the activity that will be ongoing in Hudson Yards.

For those who were forced to leave their homes and businesses, though, this can be small consolation at the moment. Eminent domain is generally not something that makes residents and business owners happy, but it is often a necessary part of doing business for a government that determines that an area should be expanded, rezoned, or used for another purpose that will be more beneficial to the entire city and the majority of its residents in the future.

Financing Structure

Among the largest issues with a project of the magnitude of the Hudson Yards rezoning is the financing. The money has to come from somewhere, and even cities with rather lucrative budgets generally do not have billions of dollars lying around for expansion and rezoning activities. The money for the Hudson Yards project came from a number of different sources. Property taxes, IDA PILOT payments, bondholders, and other sources provided a collaborative collection of revenue that could be used by the city in order to get the project off the ground and start moving toward its eventual completion.

The property tax (personal) and PILOT (business) payments were a major source of revenue, as were the one time development related revenues that were collected by the city. By offering a density bonus for companies wanting to move into the Hudson Yards area in exchange for supporting the project, the city was able to collect a high level of revenue.

Both commercial and residential properties could qualify for the bonus, which allowed developers of those properties to pay the city in exchange for being able to add more floors or more units so that more people can live and work in the buildings they were creating.

This took the base development height in stories for these buildings and added to it based on the amount the company wanted to pay. The more money that was given to support the Hudson Yards project, the more height the building could have. That was a winning situation for the city, and also for the companies who were developing the buildings. Having more space and height meant more tenants for them, both commercial and residential. Over time, they could easily make back the amount of money they paid toward the development of the Hudson Yards project, providing them with a higher revenue stream for both the short-term and long-term future. Recurring revenue for the entire project also has a high rate of projected growth, providing a lucrative plan for everyone involved.

Development of the Private Sector

The development that takes place in the private sector is going to be very important for the future viability of the Hudson Yards rezoning.

There were rezoning in 2005 and again in 2009. When those are taken together, Hudson Yards now has and ability to offer and accommodate:

Three million square feet of hotels,

Two million square feet of retail,

20,000 units of housing, and 25 million square feet of office space.

An analysis by Cushman & Wakefield that was provided in 2011 indicates that the demand for properties in the Hudson Yards area will continue to increase, resulting in a complete build-out of the rezoned area by the year 2041.

Since the first rezoning in 2005, builders have already spent nearly $6.3 billion for the creation of more than nine million square feet of residential, hotel, and office development in Hudson Yards.

Over time, the developed space will continue to grow and expand until it reaches maximum capacity. Residential developments include The Orion, which houses 551 luxury condos, Silver Towers, with 1,349 rental units, 505 West 37th Street,… [END OF PREVIEW]

Four Different Ordering Options:

?

Compare the Four Ordering Options

  1. 1.Buy this paper with your credit card or cash balance at PayPal.  Within 10 hours, we'll send the Microsoft Word file to the email address on your PayPal account.
  2. 2.Same as #1, but we will also remove the paper from our site for 30 days!
  3. 3.Need this paper immediately?  Want to individually download any of our 175,000+ exclusive, private, non-plagiarized papers for 30 days?  It takes only 2 minutes to subscribe and get instant access!
  4. 4.One of our highly experienced experts will write a brand new, 100% unique paper matching the exact specifications and topic that you provide!  You'll be the only person on the planet to receive the one-of-a-kind paper that we write for you!  Use code "Save10" to save 10% on your 1st order!

1.  Buy the full, 12-page paper:  $24.68

or

2.  Buy & remove for 30 days:  $38.47

or

3.  Monthly access to 175,000 papers

After paying, this link will download any paper(s).

or

4.  Let us write a NEW paper for you!

Ask Us to Write a New Paper
Most popular!

Community Board Meeting Article


Event Coverage Story Pitch Article


Henry Hudson Thesis


Striped Bass Recovery in the Hudson Term Paper


Speech the Central Hudson Test Origination Term Paper


View 1,000+ other related papers  >>

Cite This Term Paper:

APA Format

Rezoning of Hudson Yard.  (2014, May 2).  Retrieved December 12, 2018, from https://www.essaytown.com/subjects/paper/rezoning-hudson-yard/9234040

MLA Format

"Rezoning of Hudson Yard."  2 May 2014.  Web.  12 December 2018. <https://www.essaytown.com/subjects/paper/rezoning-hudson-yard/9234040>.

Chicago Format

"Rezoning of Hudson Yard."  Essaytown.com.  May 2, 2014.  Accessed December 12, 2018.
https://www.essaytown.com/subjects/paper/rezoning-hudson-yard/9234040.