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SCT

Massive $25B Hudson Yards project opens in New York City

March 14, 2019

The curtain goes up Friday on The Shops & Restaurants at Hudson Yards, a $2 billion, seven-story retail center at the heart of a $25 billion mixed-use development on Manhattan’s West Side.

At 720,000-square-feet of gross leasable area, the retail center is home to the city’s first Neiman Marcus and roughly 100 other stores, plus high-end restaurants. It is part of a 28-acre complex on the Hudson River that will, when fully built out in 2025, contain 16 towers of homes and offices, a school and a hotel, plus a performing-arts center. Hudson Yards, which is built over a massive rail yard, has been billed as the largest private development project in U.S. history.

“We curated The Shops & Restaurants with New Yorkers and the customer in mind — offering a diverse array of leading brands across categories and price points, bringing new experiences, creating a suite of hospitality amenities never seen before in a shopping center, and embracing demand for differentiated dining and cultural experiences,” said Kenneth A. Himmel, president and CEO of Related Urban, the mixed-use division of Related Cos., in a prepared statement. Related Urban has developed several high-profile retail projects over the years, among them Water Tower Place, in Chicago, and Copley Place, in Boston.

The residents of some 4,000 homes and roughly 40,000 office workers occupying five office towers are expected to be among the patrons at the retail complex, along with tourists and residents from other parts of New York City.

“The culinary creativity and diverse retail experiences at The Shops & Restaurants at Hudson Yards showcase some of the most innovative and exciting concepts in shopping and dining today,” said Dean Shapiro, head of U.S. property development for Oxford Properties Group, in a prepared statement. Oxford Properties developed Hudson Yards in partnership with Related Cos. “We truly believe we have assembled a collection that will delight New Yorkers and visitors alike.”

Related Cos. was also behind the development of Time Warner Center, another West Side mixed-use complex anchored by a mall, which opened in 2003.

Hudson Yards is seen as the first development on this scale in Manhattan since Rockefeller Center opened in 1939. Hudson Yards contains some 14 acres of open space and is also adjacent to the High Line, a disused elevated railway that was turned into an urban nature walkway.

R. Webber Hudson, a Related Cos. executive vice president, told Bloomberg that he anticipates some 40,000 to 60,000 shopper visits per day, which translates to somewhere between 15 million and 22 million visits per year.

By Edmund Mander

Director, Editor-In-Chief/SCT

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