Dive Brief:
- Stephen Ross of Related Companies, a developer of New York City's Hudson Yards, said the mixed-use complex is getting a $200 million sculpture that will "become to New York what the Eiffel Tower is to Paris," according to Crain's New York Business.
- Ross told attendees at a Crain’s real estate conference that the work of art will be "iconic" and "bold," but that, for now, the design will remain a secret. The sculpture's price tag has grown in recent years, as Ross said it would cost $75 million in 2013, according to Crain's.
- The sculpture, a Thomas Heatherwick creation, will be revealed no earlier than September and will occupy a spot on a Hudson Yards plaza "bigger than Trafalgar Square," Ross said. Heatherwick is the artist behind London’s 2012 Olympic Cauldron and the UK Pavilion at the 2010 Shanghai World Expo.
Dive Insight:
A study earlier this week found that Hudson Yards will contribute $18.9 billion to the city by the time it's finished and will constitute 2.5% of New York City's gross domestic product. The project, according to consulting firm Appleseed, will also contribute nearly $500 million in city taxes.
When Hudson Yards is completely built out, it will feature office, retail and residential space spread across 50 million square feet. As part of its residential component, the development will also provide 5,000 affordable housing units.
There has also been some buzz recently about a new subway station, in addition to the dedicated Hudson Yards station, several blocks away from the development. Sen. Chuck Schumer has suggested that the estimated $30 billion in taxes generated by the Hudson Yards station fund the new one. The Hudson Yards subway station has been a thorn in the side of the Metropolitan Transportation Agency ever since its 2012 construction phase in 2012 due to ongoing water leak problems. The MTA recently ordered contractor Yonkers Contracting to pay the repair costs of $2 million to an Australian company that specializes in water leaks after Yonkers could not solve the issues of leaks, mold and water damage.
Tishman Speyer and Tutor Perini are two major companies handling the high-rise construction at Hudson Yards, and both have two towers underway. Tishman Speyer is building two skyscrapers — including a 1.3 million square foot tower and the terraced Bjarke Ingels Group building called "The Spiral," which features ascending greenery coiled around the tower’s exterior. Tutor Perini counts Tower "C" and Tower "D" as part of its Hudson Yards haul thus far.
