Pier 40 development bill stalls in state legislature

An amendment to Hudson River Park Act that would allow for hotel and residential development on Pier 40 is unlikely to pass, Crain’s reported. With the state legislative session set to end tomorrow, there doesn’t appear to be anywhere near enough support for a bill that would allow development on the financially troubled pier.

After two year of budget deficits, the park’s money reserves are drying up. It is on pace to run through all of its funds in less than three years, which would force the park’s closure, according to Hudson River Park Trust President Madelyn Wils. Additionally, the decaying pier and park needs about $118 million just for basic repairs to Pier 40, a 15-acre plot containing recreational fields and a 775,000-square-foot mixed-use building.

The trust had conducted a study that found rezoning the space to allow for increased development would provide sufficient revenue without bringing serious traffic issues. West Village’s Community Board 2 has also come out in support of the development amendment. However, Crain’s said the final bill only allowed for a diluted version of the scale of development needed to save the park long-term, and legislators were hesitant to enact a short-term fix that would need to be revisited again shortly. [Crain’s]