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Jul 13, 2007 7:43 pm US/Eastern
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West Side Story: Rail Yard Bidding Begins...Again
New Development Deal Sought For 26 Waterfront Acres
by Magee Hickey
NEW YORK (CBS) ―
The MTA and the state will begin soliciting bids for the development of the West Side Rail Yards on Friday. This could mean dramatic changes for the Manhattan skyline.
It's one of the last pieces of undeveloped public land in the city -- a 26-acre swath of waterfront land in Manhattan that stretches from 30th to 33rd streets. And the city, the state and MTA have big dreams for it.
Specifically, they're looking for a big-time, deep-pocketed developer who wants to build commercial skyscrapers as tall as 70 stories, close to 5,000 apartments, a cultural center and keep 12 acres of open space.
But there is a catch: Any builder would have to spend an estimated $1 billion to put platforms over the Long Island Rail Road tracks on the east and west sides of 11th Avenue before erecting any buildings. And the work must be done while trains move in and out of the buildings.
Despite the obstacles, some big developers are showing interest, including Tishman Speyer, Related, Brookfield, Durst and Vornado.
Critics of the development were pushing for affordable housing for the site, so as a compromise, any developer who builds rental apartments would be required to permanently put aside 20 percent of the units for low and moderate income tenants.
The MTA has said the sale of the property and additional city revenue will help finance a planned $2 billion extension of the No. 7 subway line, which starts in Queens and currently stops at Times Square.
A state board last year blocked the Jets and the Bloomberg administration's plan to put a new football stadium on the land as part of a failed bid to host the 2012 Olympics.
(© MMVII, CBS Broadcasting Inc. All Rights Reserved.)