MTA reaches deal with Related to develop West Side rail yards

[Trainspotter]

MTA reaches deal with Related to develop West Side rail yards

BY PETE DONOHUE

NY DAILY NEWS

May 19th 2008

 

Frances Roberts

Related Companies wants to build a mini-city on the rail yards.

 

The MTA has reached a deal to develop its West Side rail yards less than two weeks after a tentative pact with another major developer collapsed, a City Hall source said today.

 

Under the agreement, the Metropolitan Transportation Authority would receive much-needed funding for its capital construction plans - and Stephen Ross's Related Companies would build a mini-city on the rail yards that straddle 11th Ave. between 30th and 33rd sts.

 

The source said the deal mirrors the tentative $1 billion deal that the authority reached with Tishman Speyer Properties.

 

Tishman Speyer was to spend an estimated $2 billion on a platform over the busy rail yards used by Long Island Rail Road so that buildings could rise skyward.

 

It envisioned apartment and office towers, shops, parks and a school over railyards on Manhattan's far West Side.

 

Although selected in March out of a field of five developers who put in bids, the MTA and Tishman Speyer were still hashing out final details early this month.

 

An MTA spokesman previously said Tishman Speyer tried to change a key element of the deal which would have delayed the cash flow to the MTA.

 

The city has committed to spending $2.1 billion to extend the No. 7 train to the West Side.

[metsfan]

I just hope they don't "accidently" damage or remove the old elevated freight line in the process of building this monster of a platform (size of 4 blocks plus street area in between). I am very curious as to how they will do it without disrupting LIRR operations. I am wondering if they will take one track out for support columns, or do it completely suspended. Should be interesting.

 

- Andy