New York City Officials have started to build a enormous development project in New York City’s Hudson Yards. The $15 billion project consists of 15 structures that will create more office space than currently exists in Portland, Oregon. Obviously, this project will create changes in the location of the heart of Midtown Manhattan, the city’s skyline, and New York as a whole. [NY Daily News]
‘This will shift the heart of the city to the Far West Side,’ said Stephen Ross, whose Related Companies partnered with Oxford Properties Group to develop the site bounded by 30th St., Tenth Ave., 33rd St. and the West Side Highway.
With such a large change currently undergoing in New York City, how will this affect the current commercial core within proximity to Hudson Yards? The heart of the city will surely move, but will this project also move and centralize all the commercial activity that once belonged to smaller businesses into a single area? Will businesses that once enjoyed success in a certain area now struggle because of the change of the “Heart of the City” will move?
This project is occurring because New York City wants to remain competitive with other international cities like Shanghai, London, and Paris as modern 21st century Cities, but it could come with a sacrifice to current businesses that probably won’t make it with an increased competition created by this project at Hudson Yards. The buildings looks very aesthetically pleasing and will definitely change the city’s skyline, but how many of these condos and apartments will actually be affordable? On the Hudson Yards Development Corporation website, (HYDC.org) it states:
As rezoned, the Hudson Yards area now has capacity for approximately 26 million square feet of new office development, 20,000 units of housing, of which almost 5,000 units will be affordable units, 2 million square feet of retail, and 3 million square feet of hotel space
It never gives an estimate on how much these units would cost and in my opinion, I find it hard to believe that these apartments won’t be expensive. The project is slated to finish development in 2017.Does New York need it?