New York City has always been at the center of big bet development projects and even as space becomes more scarce, major construction is continuing to build up the city’s skyline even higher. In the works for over a decade is one of the most expansive – and expensive – real estate developments introduced to the area in recent times, Hudson Yards. Opening up its doors to high-end retail shops, industry-leading company headquarters and luxury apartment units, the high rise has stayed relatively under the radar – even despite the interest its pure scale demands.
With a goal to introduce not only luxury real estate to the city’s elite, the project is also predicted to bring a brand-new business district to the area that will create thousands of new jobs while also helping to retain those already in the area. Being described as one of the nation’s largest projects, the property will span a 28-acre complex that has required massive funding in the form of several billion dollars from private, public and local government entities. According to public records, the project has been in part supplemented by billion-dollar tax breaks and city bonds that have come under question as without them it seems the project may never have passed the finish line. Though with the promise of bigger business for the city, its establishments and residents, the investments are said to help contribute to a better local economy for all.
Going as far as to equip the new construction with better accessibility and transit options, the city of Manhattan put forth a $2.4 billion investment to extend subway lines to the Hudson Yards’ locale. The property’s surrounding parks and open spaces that seek to resemble popular NYC landmarks like Central Park, also received massive funding that came in at over $1 billion. However, these investments are not just to support the success of the massive real estate development project, argues supporters. “The city’s decision to support and fund transportation and open areas surrounding Hudson Yards is a financial move that will ultimately help improve NYC’s Far West Side neighborhood as a whole.” shares CEO of Western Rim Properties Marcus Hiles; who has 30-years experience in the industry and an expansive portfolio of luxury property development projects under his belt. This approach has had a history of success where cities will make; what can be categorized as relatively short term sacrifices, whether financially or through providing other resources; to build out local economies. In the case of the Hudson Yards project specifically that has been reported to set investors, real estate firms, and the city itself back a staggering $25 billion; the expectation of a nearly 55,000 increase of new jobs alone was one promise many could get behind.
New York’s Hudson Yards is not the only project in the works to help bring more financial sustainability to the city’s Boroughs. More investments are coming through to projects that seek to broaden out the city’s limits with plans of redevelopment in local communities. The support from both public, private and state funding plays a vital role in stimulating these development projects that keep businesses competitive and attractive in today’s globalized economy. This is why the next few months and years will be telling to see if what is being called a city within a city, will ultimately benefit the community as much as investors have bet and if a model has been created for the future of NYC.