Related is Selected as Rail Yards Developer

Another big Rail Yards announcement this morning: the Related Companies have stepped in where Tishman Speyer dropped out earlier this month. Related’s original proposal included the preservation of the entire High Line, including the spur over Tenth Avenue and the entire 30th Street section, which might have been demolished in Tishman Speyer’s plan. Though we haven’t [...]

It’s Official: MTA/Tishman Speyer Talks are Dead

After a last-ditch effort to get their West Side Rail Yards negotiations back on track after Thursday’s announcement, Tishman Speyer was unable to sway the MTA. The MTA’s statement today was short and sweet. In its entirety: The MTA met today with Tishman Speyer. Despite the best efforts of both sides, a final agreement could [...]

Breaking: Tishman Speyer Rail Yards Deal Falls Through

Negotiations between the MTA and Tishman Speyer have collapsed, according to the MTA, following a request from the developer to change the terms under which the project would be financed, as well as the project schedule. An agreement on the 26-acre site could not be reached. Tishman Speyer was selected to develop the rail yards last month, after an [...]

Breaking: MTA Selects Tishman Speyer as Rail Yards Developer

  The MTA announced today that it has selected Tishman Speyer as the developer for the West Side Rail Yards. This announcement ends a 6-month bidding process, which originally involved 5 competing developers. Tishman Speyer outbid the only other remaining contender– a joint venture between the Durst Organization and Vornado Realty Trust– by $112 million, offering to pay $1.004 billion [...]

The State of the MTA: Crowded

This morning, MTA Executive Director Lee Sander gave the first ever State of the MTA address. However, despite RSVP’ing last week, I wasn’t able to make it inside, along with a bunch of other heartbroken transit enthusiasts. Bummer. Above are some shots of the huddled masses gathered outside of Cooper Union’s Great Hall moments before [...]

BREAKING: Brookfield Not Submitting a New Bid

Brookfield Properties has announced they have not submitted a second bid for the Rail Yards site. Supplementary bids were due yesterday. Back in January, the MTA asked the five developers to submit supplementary materials supporting their ability to lease, not buy, the 26-acre site. None of this financial information was made public. Brookfield’s decision not [...]

Crain’s: MTA Should Pick Most Financially Sound Developer

Unsurprisingly in the wake of the subprime crisis and general market shakiness, much of the Rail Yards dialogue has turned away from design and towards financials. Of course, guessing is a bit tough, given the MTA’s refusal to make the financial bids public (which the HYCAC called for as part of its summary of top [...]

News Roundup February 1-7

The January 28 MTA letter to developers generated a bunch of speculation on what the new guidelines will mean for developers, and it’s been a busy week for the various other developments around the Yards. MTA Likely to Narrow Rail Yards Field (NYO The Real Estate) MTA Wants Rail Yards Developer Designated By April 1 (NYO [...]

Crain’s has more on the MTA’s Strings Attached

Crain’s has the latest on an increasingly complicated set of requirements for developers, as outlined by the MTA in their January 28 letter. According to the article by Theresa Agovino, the winning developer will be contractually obligated to create a set of seperate funds that will go to the MTA for Rail Yards expenses and [...]

More on the MTA’s decision to lease, not sell, Rail Yards site

Following up on Crains’ reporting last week,  the Times reports this morning on bidding developers’ (anonymous) initial responses to the MTA’s request for new information (the Times reporter says ”new bids,” although that’s not how the MTA framed it)  reflecting the transit authority’s desire to lease, rather than sell, the land. The article hints that the developers are chafing under the new [...]