Dive Brief:
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Developer Tishman Speyer has submitted its final plans for the Spiral, a $3.2 billion mixed-use tower in Manhattan's Hudson Yards development, to the New York City Department of Buildings, according to The Real Deal. The project will contain up to 2.85 million square feet of office and retail space.
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Designed by architecture firm Bjarke Ingels Group, the 65-story tower gets its moniker from the landscaped terraces that will wind around the building's exterior, creating a series of outdoor spaces that begin on the seventh floor. The building will also include 27,000 square feet of retail space on the ground floors.
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Tishman Speyer has applied for a 25-year, $170-million tax break related to the high-rise. In an earlier report about the building, Bloomberg said that a group of private international investors had kicked in $1 billion in financing for the project.
Dive Insight:
BIG described the 1,005-foot-tall building's coil of greenery as "an ascending ribbon of lively green spaces, extending the High Line into the skyline," a reference to the nearby 1.5-mile linear park built on a former elevated railway line. Additionally, the architecture firm designed the building's interior to allow tenants to readily develop multi-story spaces, replacing elevators with stairs to encourage physical activity throughout the day.
Some other edgy designs from Denmark and New York–based BIG are Google's 2.5-million-square-foot Silicon Valley campus — known for its waved-glass design and buildings with movable floors, ceilings and walls — as well as the 80-story 2 World Trade Center and the future Washington Redskins stadium, planned in advance of the team's expected move.
There are approximately 12 million square feet being developed at the 26-acre Hudson Yards complex, according to the Real Deal, and that includes a second Tishman Speyer high-rise in the works. Already, the development has been a boon to the city, with a projected $18.9 billion in economic benefit by the time the entire project is complete.
Just this month, the New York City Metropolitan Transportation Authority leveraged its leased property in the development, raising $1.06 billion through a bond sale. The authority receives regular tenant lease payments on its Hudson Yards property, which is valued between $3.2 billion and $3.7 billion. According to The Real Deal, the MTA is expected to make $1.78 billion on lease payments and air rights during the construction and development phases of Hudson Yards and $89 million annually after it is complete.
