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Bloomberg Hopes To Revive West Side Development

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May 10, 2008 7:42 pm US/Eastern

Bloomberg Hopes To Revive West Side Development

$1 Billion Rail Yards Deal Canceled Over Zoning, Payments

NEW YORK (AP) ―

Click to enlarge 1 of 1: For the second time, a major proposal to develop the West Side railyards has fallen through.

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NYC's West Side To Get Billion Dollar Face Lift
(3/26/2008)
City Offering $500M For West Side Rail Yard
(7/7/2006)
MTA: West Side Rail Yard Sale On Hold
(9/15/2006)
MTA Approves West Side Rail Yard Deal with NYC
(9/28/2006)
West Side Story: Rail Yard Bidding Begins...Again
(7/13/2007)
$1B Deal To Develop West Side Rail Yard Collapses
(5/9/2008)

Mayor Michael Bloomberg wants to revive a $1 billion deal to develop a desolate stretch of railyards along the West side of Manhattan.

The deal between Tishman Speyer Properties the owner of Rockefeller Center and the Chrysler Building and the Metropolitan Transportation Authority fell apart Thursday because of an impasse over zoning and the timing of payments.

The deal was reached in March with much fanfare to redevelop the 26-acre railyards, considered one of the city's last, best building opportunities.

Bloomberg says the plan isn't dead. He met with the developer while he traveled in London, but details of the meeting weren't made public.

Transportation authority officials agreed to meet with Tishman Speyer next week, but said the developer would have to alter some requests that they say change the economics of the deal.

Tishman Speyer won a five-month bidding war over some of the city's biggest developers for the rail yards on either side of 11th Avenue between 30th and 33rd Streets, offering just over $1 billion for a 99-year lease.