Yesterday, the MTA reached a $1 Billion agreement with Related Companies to transform the site in Midtown Manhattan, which sits between 30th and 33rd Streets on both sides of 11th Avenue. Related, which was one of the four original bidders negotiating for the site, essentially agreed to the same terms as Tishman, after its chief executive, Stephen M. Ross, expressed remorse at losing out to Tishman the first time around.
Related plans to use the same general layout as was published earlier when the four architect developer teams competed for the site although the design of the 13 towers is expected to change. The plans call for approximately 5.5 million square feet of commercial space, including a hotel, 5,500 apartments, 7 acres of parks and open space and cultural facilities. The architects for the project are Kohn Pederson Fox, Arquitectonica and Robert A. M. Stern. The first order of business will be to construct the project’s base, more than $2 billion of platforms, columns and foundations over the yards.
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