The Related Companies and Oxford Property Group broke ground yesterday at massive mixed-use development Hudson Yards, capping off six years of planning.
The first Hudson Yards project will be a 47-story tower mostly occupied by luxury retailer Coach at northeast Tenth Avenue and 30th Street. The building, slated for completion by 2015, will include 740,000 square feet owned by Coach for commercial condominium use. German tech company SAP and cosmetics giant L’Oreal have expressed interest in leasing space in the building, Crain’s reported.
Over the next 12 years, developers will create 13 million square feet of retail, hotel, office, residential and public park space on the 26-acre site. Construction on the majority of the site will require a deck so workers can build over the functioning Long Island Railroad yards below.
“Developing Manhattan’s final frontier is the next major step in our city’s ongoing economic revival,” Bloomberg said in a statement, adding that the project will create 23,000 construction jobs.
Related has yet to announce when it plans to begin work on other parts of the yards.