Related, Oxford in JV to Develop 26-Acre West Side Yards
- May 27, 2010
May 27, 2010
By Allison Landa, News Editor
Global real estate firm Related Companies and Canadian institutional investor Oxford Properties Group have teamed up to develop the largest undeveloped single piece of property in Manhattan, the 26-acre West Side Yards in Midtown.
The pair are planning a mixed-use master-planned community with 12 million square feet of commercial and residential development. That entails approximately 5,000 residences in nine buildings, three corporate headquarters sites, a retail complex with anchor department store, a 300-room five-star hotel and 1,000-room convention hotel, cultural facilities, and a new 750-seat public school. It will also incorporate 12 acres of public space.
The Metropolitan Transportation Authority awarded Related the development rights in 2008. This week the two executed a binding contract to lease the site for 99 years; the joint venture is putting up an additional $21.8 million in deposits.
Oxford president and CEO Blake Hutcheson said when announcing the news: ““In our view, this is a world class site and Related is a world-class partner. Oxford believes in the future of New York and could not think of a better way to express that confidence than being an integral part of developing the West Side Yards.”