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May 10, 2008

Hudson Yards plan snagged by lowered revenues; new plan might involve multiple developers

Atlantic Yards Report

When it comes to megadevelopments, it may be better for developers to lock in the deal, then declare (and even negotiate) a flexible timetable, as with Atlantic Yards.

The negotiations over the Hudson Yards project are a notable counterexample. In an article yesteday headlined Deal to Build at Railyards on West Side Collapses, the New York Times reported:
Six weeks after the Metropolitan Transportation Authority selected Tishman Speyer Properties to build a vast complex of office towers, apartment buildings and parks over the railyards on the West Side of Manhattan, the deal has fallen apart.

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Posted by amy at May 10, 2008 11:38 AM