The MTA has reopened bidding on its headquarters, following changes to the proposal to rezone Midtown East. Developers now have until October 16 to resubmit proposals for the 20-story building at 347 Madison Avenue.
The MTA had originally announced that it would sell its offices back in April 2011, and it received a first round of bids in August. Plans call for a developer to demolish the current structure along with two adjacent buildings and redevelop the site, according to the New York Post.
The winner “will be able to commence the redevelopment under the proposed upzoning immediately after the MTA vacates the property,” according to the new call for proposals.
If rezoning is approved by the City Council and signed by the mayor, development should be able to start two to three years sooner than the 2017 date originally planned on. Rezoning would also most likely help the MTA see a higher price for the long-term lease it will award to the winning developer, according to Steven Spinola, president of the Real Estate Board of New York.
“The MTA will benefit from this provision,” said Spinola. [NYP] –Christopher Cameron