After years of planning and negotiation, Related Companies is finally breaking ground on the inaugural tower of its massive Hudson Yards development, the New York Daily News reported. The new structure is known as the Coach tower for the luxury bag-maker, which has agreed to lease nearly 80 percent of the 1.2 million square feet of office space the new tower will create when completed in 2015. The Real Deal will have additional coverage of the event later today.
“If you look at where all the young people are today, where they want to be, where all the money is going, it’s the West Side of Manhattan,” Stephen Ross, Related chairman, said. “The Yards will be the epicenter of all that.”
The 26-acre space over the railyard was leased by Related in a $1 billion-plus, 99-year deal with the MTA. The complex, bounded by 30th Street, Tenth Avenue, 33rd Street and the West Side Highway, will contain 15 structures and is expected to cost approximately $15 billion dollars. [NYDN] —Christopher Cameron