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FHL E-Mail Newsletter
March 26, 2008


BREAKING: MTA SELECTS TISHMAN SPEYER AS RAIL YARDS DEVELOPER


The MTA announced at a 3:00 press conference today that it has selected Tishman Speyer as the developer for the West Side Rail Yards. This announcement ends a six-month bid process, which originally involved five competing developers. Tishman Speyer outbid the only other remaining contender—a joint venture between the Durst Organization and Vornado Realty Trust—by $112 million, offering to pay $1.004 billion for the rights to develop the 26-acre site.

Tishman Speyer's plan preserves most of the High Line, but proposes to demolish the spur over Tenth Avenue, and part of the section along 30th Street.

We are happy the MTA, Governor Paterson, Mayor Bloomberg and Tishman Speyer have commitment to preserving the majority of the historic High Line structure at the rail yards, and we look forward to working with all parties to ensure that the remaining sections—the spur over Tenth Avenue and the full section along 30th Street—are preserved as well. Additionally, we hope to work with the leadership of the Javits Center to ensure that a pedestrian easement is preserved on the 33/34 block, north of the rail yards site, so that the High Line may extend to connect with the Javits Center and the planned #7 extension.

The treatment of the High Line in Tishman Speyer's bid shows considerable progress from the days when it was presumed the site could not be developed without its demolition. The development plans for the site will likely go through many changes before anything is built. At the press conference, Rob Speyer of Tishman Speyer made it clear that the bidding process was a learning experience, and that his team’s plans will ultimately incorporate good ideas from other proposals.

We owe a great deal of our success so far in this process to the tireless support of our elected officials: Mayor Michael R. Bloomberg, Governor David Paterson, City Council Speaker Christine C. Quinn, Congressman Jerrold Nadler, Borough President Scott Stringer, and State Senator Tom Duane, as well as the advocacy efforts of Manhattan Community Board 4, and our Friends of the High Line volunteers and supporters. Our rail yards advocacy would not be possible without the generous financial support of the A.G. Foundation, the Greenacre Foundation, the Leon Levy Foundation, John and Wendy Neu, and Wendy Keys and Donald Pels.

Please visit our High Line Blog to comment, and for more info on the High Line at the Rail Yards.


Read our official statement

Read the article in Crain's New York Business

View Tishman Speyer's original bid entry



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(212) 206-9922
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