Related’s surprise addition to casino bid: Office space
Developer’s $10B proposal for Hudson Yards includes Wynn-branded tower
Related Companies is revising its proposal for its casino in Hudson Yards, but the latest addition to the plan is bound to turn some heads.
The developer’s $10 billion proposal for the Western Yards includes a 2 million-square-foot office tower, the New York Post reported.
Related chief executive officer Jeff Blau noted the leasing success of office properties at Hudson Yards, telling the Post that three of the four buildings are fully leased, in claiming the office building would be able to stand out as the wider market struggles.
The casino itself would take up 250,000 square feet in a second property, flanked by high-end restaurants and shops. The 3 million-square-foot building — branded by Wynn — would also include a 1,700-room hotel that would become the closest hotel to the nearby Javits Center.
Previously announced plans for the 6.5-acre stretch, including 5.5 acres of public parkland, a 1 million-square-foot apartment building with 329 affordable housing units and a public school, remain in Related’s plan.
Related and Oxford Properties are looking to move into pole position for one of three gaming licenses expected to be handed out by the state by the end of the year. Two of the licenses are expected to go to the “racinos” at Aqueduct and Yonkers, essentially leaving one license up for grabs.
A casino bid at Nassau Coliseum on Long Island is gaining steam. Land for the project was approved to be transferred to the Sands, though Hofstra University remains an opponent of a casino in Uniondale.
The casino bid at Citi Field in Flushing, meanwhile, is in deep danger. State Sen. Jessica Ramos decided against introducing a bill viewed to be critical for any development effort of the parking lot surrounding the New York Mets’ home stadium.
Other competitors in the running for the trio of downstate gambling licenses include SL Green, Caesars and Jay-Z in Times Square, Vornado Realty Trust at Herald Square and the Soloviev Group in Midtown East.
— Holden Walter-Warner