Crain’s New York Business reports today that the three developers who have lined up anchor tenants for the rail yards site, Related, Durst/Vornado and Tishman Speyer, have an advantage in the eyes of the MTA.
Crain’s’ Theresa Agovino reports:
The three leading contenders have each bid about $1 billion for the yards, sources say, and all have the deep pockets to finance the project. But insiders say the MTA may push for the three to join forces so it can keep all the tenants and avoid disappointing any of the politically connected developers. The MTA plans to make a decision in the first quarter, although that deadline could be extended, according to a spokesman for the agency.
“I think they will try to get us all to work together, if possible,” says an executive at one of the developers.
While it’s apparent that the rail yards site will look different from any of the proposals unveiled in November, it’s hard to picture how a collaboration between the three frontrunners might pan out. The new rail yards would be new mega-corporate district developed from scratch, housing Conde Nast, News Corp and Morgan Stanley, and a host of architects and planners with competing visions.
Complete article (unavailable online to nonsubscribers) after the jump. (more…)
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