Related no longer in play for Pier 40

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Failure to reach a deal on lease terms might have killed the Related Companies’ troubled bid for developing Pier 40, where it had planned a massive $625 million entertainment and retail complex, including a home for Cirque du Soleil. The Hudson River Park Trust announced at a board meeting yesterday that Related is no longer being considered, because the firm wanted a 49-year lease; legally, HRPT can only offer a 30-year lease. The parent-led Pier 40 Partnership and Urban Dove-CampGroup have been given 90 days to come up with a joint alternative proposal for the decrepit 14-acre site. If a viable plan doesn’t materialize by then, HRPT will approach Albany legislators about extending the maximum allowable lease to 49 years. That would bring Related’s plan back into play and could also generate interest with other developers. 

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