Work has finally got underway on New York’s massive Hudson Yards Redevelopment Project, which will transform the former railroad storage yards into an upscale district, jam-packed with stylish skyscrapers, sleek apartments and plush amenities.
The $15 billion (approximately £9.3 billion) construction project in Manhattan will do more than just alter the skyline of the city though.
It will encourage business development in the area, make it much more pedestrian-friendly, boost the economy and lead to the creation of jobs. It is estimated that 40,000 people will be able to live and work here in the foreseeable future.
So much is invested in the scheme, that the city’s mayor, Michael Bloomberg, said that it represented the future of New York. The venture in itself is certainly welcome, as it will generate up to 23,000 construction jobs over the course of the development.
It is expected that the first tower will be complete as early as 2015, but that the wider 26-acre redevelopment of the yards will be finished in its entirety by 2022.
“Developing Manhattan’s final frontier is the next major step in our city’s ongoing economic revival,” Mr Bloomberg said. “The Hudson Yards project is a testament to our city’s economic strength.”
Manhattan borough president Scott Stringer added that the development showed the strength of New York’s property market.
“Through partnership and perseverance, the city has taken a literal ‘hole in the ground’ and turned it into the future home of New York’s premiere retail and office space,” he expanded.
“It shows that as a city we can expand our economy, generate needed revenue and job growth, while at the same time, protect and preserve local communities.”
It is welcome news for the area, as there was uncertainty about where it stood after New York failed in its bid to host the 2012 Olympic Games.
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