Mar 26, 2008 6:56 pm US/Eastern
NYC's West Side To Get Billion Dollar Face Lift
Tishman Speyer Properties Buys Right To 26-Acre West Side Property
NEW YORK (CBS) ―
The desolate spot on Manhattan's west side where Mayor Michael Bloomberg had wanted to put a football stadium is going to be transformed into a new business district with apartment, parks, and gleaming office towers.
The sale of the government-owned rail yards that takes up 26-acres of waterfront property – a site of one of Bloomberg's biggest defeats – may now be on of the state's and city's biggest economic success stories.
"'Historic' is an overused word, but I think today's decision by the MTA board really fits this bill. It truly makes history," said Bloomberg.
When he was hot to build a new Jets stadium there, Bloomberg was willing to see the site go for $100 million. On Wednesday, the Metropolitan Transportation Authority announced it is getting over $1 billion combined for the east and west rail yards.
"No deal is perfect, but it's as good as I think anybody could ever get," said MTA Chairman Dale Hemmerdinger. "It's certainly more money than anybody ever expected."
The winning bid was submitted by Tishman Speyer Properties, and the plan is to develop the site as an extension of midtown's business district. The project calls for a $2 billion deck over the rail yards as a platform for office buildings and apartment. About 13 acres will be open space for parks and other community uses.
"Regardless of the current slowdown in our economy, our long-term prospects really are very bright for New York City if we make the decisions now now that will ensure our future," said Bloomberg.
Tishman Speyer, which owns the Chrysler building, Stuyvesant Town, and Rockefeller Center, beat out the next highest bidder by over $100 million. Officials say the money will go towards the MTA's various capital projects.
"This is a very proud moment for us. There were a lot of skeptics who said that the MTA could not do this, and we are proud that we have demonstrated that we have been able to do that," said MTA Executive Director Elliott "Lee" Sander.
The project is so complex that officials don't know when construction will start or when they hope to finish the project.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
2009 Celebrity Deaths
Click to enlarge
Garnett's Jumper Gives Celtics OT Win Over Knicks 16 mins ago
Tynes' 36-Yard FG Leads Giants Over Falcons In OT 30 mins ago 
Stumble It!
Reporting
Comments