Failed Olympic bid builds Far West Side

New York /
Nov.November 28, 2011 09:42 AM

Mayor Michael Bloomberg’s failed 2012 Olympic Bid paved the way for the development of Manhattan’s Far West Side, which has given birth to 15 residential towers and 12 hotels since 2005, when the International Olympic Committee selected London to host the games.

According to the New York Times, the city rezoned and adjusted land use laws for the area to facilitate development for the Olympics and began planning the $2 billion extension of the 7 subway line to 34th Street and 11th Avenue. Though the Olympics didn’t follow, development has. In addition to the Related Companies’ Hudson Yards site, Avalon Bay is planning a 30-story rental development at 11th Avenue and 29th Street, and the Gotham Organization broke ground on a $520 million residential complex 15 blocks to the north. New parks and a boulevard between 10th and 11th avenues are also on the docket.

Within two decades, officials expect the area west of Eighth Avenue between 30th and 43rd streets to have more office space than Baltimore and as many apartments as Stamford, Conn.

Moreover, the New York Times said that had the city won the Olympic bid, development wouldn’t have come so quickly to the neighborhood. Mayor Bloomberg acknowledges that the recession would have made it difficult to raise enough money complete all the long-term infrastructure projects before the Games, and others say a $2 billion athletic facility would have dominated the area — not Related’s massive mixed-use development. [NYT]


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Related's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)

Related is the latest developer to target the Rockaways

Related is the latest developer to target the Rockaways
The Observation Deck at Hudson Yards (Credit: Adam Pogoff)

Views from 1,100 feet: A tour of Related’s “the edge,” the tallest outdoor observation deck in the Western Hemisphere

Views from 1,100 feet: A tour of Related’s “the edge,” the tallest outdoor observation deck in the Western Hemisphere
Related chairman Stephen Ross and 265-475 Cherry Street (Getty; Google Maps)

Related to buy Section 8 buildings for $435M

Related to buy Section 8 buildings for $435M
Related's Steve Ross and 1 Union Square South (Getty, Google Maps)

MKF Realty set to close on Related’s Union Square high-rise for $200M

MKF Realty set to close on Related’s Union Square high-rise for $200M
David Boies and 55 Hudson Yards (Getty, Google Maps)

Boies Schiller seeks to shed Hudson Yards office space

Boies Schiller seeks to shed Hudson Yards office space
Related chairman Stephen Ross (Getty; iStock; Health Pass) 

Related, Cushman & Wakefield use new app to screen workers for Covid

Related, Cushman & Wakefield use new app to screen workers for Covid
Stephen Ross and Time Warner Center (Getty)

Stephen Ross slashes price of Time Warner Center penthouse

Stephen Ross slashes price of Time Warner Center penthouse
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...