Mayor Michael R. Bloomberg, Governor David A. Paterson, Metropolitan Transportation Authority Executive Director and CEO Elliot G. Sander, and Chairman H. Dale Hemmerdinger today announced the conditional selection of Tishman Speyer to develop the air space over the two development sites that compose the MTA's 26-acre John D. Caemmerer Rail Yard on the West Side.
The Tishman Speyer proposal would construct more than 12 million square feet of commercial, residential, retail, cultural and community space while preserving the High Line's linear open space, including 379 units of affordable housing, and pursuing a LEED Gold standard for sustainability.
"Regardless of the current economic slowdown, New York's long-term prospects are very bright if we make the decisions now to ensure our future. We've done that today," said Mayor Bloomberg, adding that "The outstanding team that they've assembled and their unparalleled track record as one of our city's pre-eminent developers absolutely merit the vote of confidence that the MTA board has given them."
Governor Paterson said that "The selection of Tishman Speyer will set the stage for construction of a beautiful, world-class development that will further the transformation of the Far West Side of Manhattan."
The MTA Board authorized the MTA CEO to execute a Conditional Designation Letter (CDL) with the developer within the next 14 days. Upon completion of this CDL, the MTA would then enter into a contract with the developer within the next 120 days.
Tishman Speyer, whose properties include Rockefeller Center, the Chrysler Building and Stuyvesant Town, was one of five ventures that submitted bids last summer to develop the site.
The other ventures were Extell Development, Brookfield Properties, a venture of the Durst Organization and Vornado Realty Trust, and the Related Companies.
All of the submitted bids called for the erection of a platform to permit the continued use of the yards except for the one submitted by Extell that called for a suspended level over the yards.
In the first round of bids submitted in October, the top bid of $1.049 billion was submitted by Related, followed by $1.015 billion submitted by Durst/Vornado, $908 million submitted by Brookfield, $819 million submitted by Tishman Speyer, and $598 million submitted by Extell.
A second round of bidding was requested in February. Brookfield Properties did not submit a bid but indicated it could be involved as a co-developer, and Related submitted a bid only for the western half of the yards but not the eastern half.
Extell submitted the highest bid in the second round: $1.15 billion. However, it did not agree to pay sales tax and that refusal led to its elimination in the bidding process. Relateds second round bid was $943 million, Tishman Speyer's was $897 million and Durst/Vornado's was $842 million.
The MTA then asked for more bids from the two remaining ventures and Tishman Spyer offered $1.004 billion and Durst/Vornado $892 million. Over the last few days, Durst/Vornado upped its bid but it still fell short of Tishman Speyer's.
The tallest building was proposed by Brookfield Properties, 1,300 feet, followed by Extell, 1,238 feet, Durst/Vornado, 1,205 feet, and Tishman Speyer and Related, both 1,100 feet.
Extell's plan was designed by Steven Holl.
Brookfield's plan was designed by Skidmore, Owings & Merrill.
The plan by Tishman Speyer, which originally had a joint venture for the site with Morgan Stanley, was by Helmut Jahn.
The Durst/Vornado plan was by FXFowle.
The Related plan was by Kohn Pedersen Fox, Arquitectonica, and Robert A. M. Stern.
The Durst/Vornado plan included new headquarters for Cond¿ Nast Publications and a much higher number of apartments than the Tishman Speyer plan, which attracted little enthusiasm from architectural and community commentators.
The Tishman Speyer proposal would construct more than 12 million square feet of commercial, residential, retail, cultural and community space while preserving the High Line's linear open space, including 379 units of affordable housing, and pursuing a LEED Gold standard for sustainability.
"Regardless of the current economic slowdown, New York's long-term prospects are very bright if we make the decisions now to ensure our future. We've done that today," said Mayor Bloomberg, adding that "The outstanding team that they've assembled and their unparalleled track record as one of our city's pre-eminent developers absolutely merit the vote of confidence that the MTA board has given them."
Governor Paterson said that "The selection of Tishman Speyer will set the stage for construction of a beautiful, world-class development that will further the transformation of the Far West Side of Manhattan."
The MTA Board authorized the MTA CEO to execute a Conditional Designation Letter (CDL) with the developer within the next 14 days. Upon completion of this CDL, the MTA would then enter into a contract with the developer within the next 120 days.
Tishman Speyer, whose properties include Rockefeller Center, the Chrysler Building and Stuyvesant Town, was one of five ventures that submitted bids last summer to develop the site.
The other ventures were Extell Development, Brookfield Properties, a venture of the Durst Organization and Vornado Realty Trust, and the Related Companies.
All of the submitted bids called for the erection of a platform to permit the continued use of the yards except for the one submitted by Extell that called for a suspended level over the yards.
In the first round of bids submitted in October, the top bid of $1.049 billion was submitted by Related, followed by $1.015 billion submitted by Durst/Vornado, $908 million submitted by Brookfield, $819 million submitted by Tishman Speyer, and $598 million submitted by Extell.
A second round of bidding was requested in February. Brookfield Properties did not submit a bid but indicated it could be involved as a co-developer, and Related submitted a bid only for the western half of the yards but not the eastern half.
Extell submitted the highest bid in the second round: $1.15 billion. However, it did not agree to pay sales tax and that refusal led to its elimination in the bidding process. Relateds second round bid was $943 million, Tishman Speyer's was $897 million and Durst/Vornado's was $842 million.
The MTA then asked for more bids from the two remaining ventures and Tishman Spyer offered $1.004 billion and Durst/Vornado $892 million. Over the last few days, Durst/Vornado upped its bid but it still fell short of Tishman Speyer's.
The tallest building was proposed by Brookfield Properties, 1,300 feet, followed by Extell, 1,238 feet, Durst/Vornado, 1,205 feet, and Tishman Speyer and Related, both 1,100 feet.
Extell's plan was designed by Steven Holl.
Brookfield's plan was designed by Skidmore, Owings & Merrill.
The plan by Tishman Speyer, which originally had a joint venture for the site with Morgan Stanley, was by Helmut Jahn.
The Durst/Vornado plan was by FXFowle.
The Related plan was by Kohn Pedersen Fox, Arquitectonica, and Robert A. M. Stern.
The Durst/Vornado plan included new headquarters for Cond¿ Nast Publications and a much higher number of apartments than the Tishman Speyer plan, which attracted little enthusiasm from architectural and community commentators.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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