Originally Posted on Wednesday, November 22, 2006
In a major step towards the revitalization and improvement of the Hudson Yards, the city of New York has approved the sale of $1.5 Billion in bonds. The bonds will be sold on December 4 and have been given a rating of "A-" by Fitch Ratings. The reason for the high rating is cited as the high potential for the Hudson Yards area, which is a 45-square-block area bordered by West 43rd Street, Seventh and Eighth avenues, 30 Street and 11th and 12th avenues.
Since the city changed the zoning from manufacturing to high-density commercial and is planning the extension of the No. 7 subway line into this part of the city, the area has become a hot topic on the mouths of developers.
The high rating also results from the city's committment to pay off the debt if the proceeds from the development are not enough. Most of the construction is not expected to be complete until around 2013. In addition, the city is offering tax incentives to developers who build in the Hudson Yards.
Since the city changed the zoning from manufacturing to high-density commercial and is planning the extension of the No. 7 subway line into this part of the city, the area has become a hot topic on the mouths of developers.
The high rating also results from the city's committment to pay off the debt if the proceeds from the development are not enough. Most of the construction is not expected to be complete until around 2013. In addition, the city is offering tax incentives to developers who build in the Hudson Yards.
Click here to view a great slideshow of potential skyscrapers in the Hudson Yards area, taken from FLMArchitects.com: http://www.flmarchitects.com/commercial/hudson.htm
1 comment:
Quite an interesting blog post. I'm sure that the investment in surety bonds ensured the safety of the redevelopment.
For anyone who is considering getting bonded for their contracts, as they are highly recommended, there are a few highly recommended firms out there.
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