RELATED COMPANIES AND WYNN RESORTS UNVEIL NEW DETAILS ON THE NEXT PHASE OF HUDSON YARDS

Rhea-AI Summary

Related Companies/Oxford Properties Group and Wynn Resorts have unveiled new details for the next phase of Hudson Yards, proposing a $12 billion total project investment to build Hudson Yards West. The development includes:

- Wynn New York City, a world-class resort creating 5,000 permanent union careers
- 35,000 union construction jobs
- Hudson Green, a 5.6-acre public park
- 1,500 new housing units, including 324 affordable apartments
- A new public K-8 school

The project aims to revitalize Manhattan's West Side, adhering to the 2009 zoning while evolving to meet current needs. The Wynn Neighborhood Improvement Fund will support local community initiatives. If approved, the development promises significant economic opportunities and quality-of-life improvements for New York City.

Positive

• $12 billion total project investment in New York City
• Creation of 35,000 union construction jobs
• 5,000 permanent union careers in the Wynn New York City resort
• Development of 1,500 new housing units, including 324 affordable apartments
• Construction of a 5.6-acre public park (Hudson Green)
• Establishment of a new public K-8 school
• Potential for significant revenue generation for the City and State

Negative

• None.

Insights

Urban Development Expert

This ambitious $12 billion project represents a significant transformation for Manhattan's West Side. The development of Hudson Yards West on undeveloped rail yards is a smart use of space in a densely populated area. The 5.6-acre Hudson Green park will provide much-needed green space, comparable to Bryant Park, enhancing the area's livability. The 1,500 new housing units, including 324 affordable apartments, address New York's ongoing housing challenges.

The project's integration with existing infrastructure, such as the High Line and Hudson River Park, shows thoughtful urban planning. However, the scale of the development may raise concerns about increased congestion and strain on local services. The proposed neighborhood improvement fund and community benefits program could help mitigate these issues, but their effectiveness will depend on implementation and ongoing community engagement.

Economic Analyst

The economic impact of this project is substantial. The 35,000 union construction jobs and 5,000 permanent union careers at the Wynn resort will provide a significant boost to local employment. The $12 billion investment is likely to have a multiplier effect on the local economy, stimulating growth in related sectors.

However, the heavy reliance on the Wynn resort as the economic engine raises questions about long-term sustainability, especially given the volatility of the hospitality and gaming industries. The project's success will depend on New York City's ability to maintain its appeal as a tourist destination. The potential tax revenue for the city and state could be substantial, but it's important to consider potential offsetting costs in infrastructure and services to support such a large-scale development.

Environmental Sustainability Consultant

The integration of green spaces in urban development is commendable. The Hudson Green park with over 300 trees, 500 shrubs and native plantings will contribute to biodiversity and help mitigate the urban heat island effect. However, the environmental impact of such a massive construction project must be carefully managed.

The project's sustainability credentials would be enhanced by details on energy efficiency measures, waste management plans and strategies to minimize the carbon footprint during construction and operation. The proximity to public transportation hubs is positive, but the potential increase in traffic and associated emissions should be addressed. It would be beneficial to see commitments to green building certifications and specific sustainability targets to ensure this development contributes positively to New York City's environmental goals.

The Proposal to Build Hudson Yards West on top of the Undeveloped Western Rail Yards is an Unprecedented $12B Total Project Investment in NYC that will Create 35,000 Union Construction Jobs, 5,000 Permanent Union Careers in the Resort and 1,500 units of New Housing

Hudson Green, a 5.6 Acre Public Park, will be the Centerpiece of Hudson Yards West

Renderings and Animations Available to Download Are Linked Here

NEW YORK, Aug. 28, 2024 /PRNewswire/ -- Related Companies/Oxford Properties Group and Wynn Resorts today revealed new project details for the next phase of Hudson Yards, including new renderings and animations as well as additional testimonials of support. The $12 Billion total project proposal to build Hudson Yards West on top of the undeveloped western rail yards, is a once-in-a-generation commitment that, if approved by City and State officials, would provide significant quality-of-life improvements for the neighborhood and enormous economic opportunity for the entire city, including:

• Wynn New York city, a world-class resort that creates 5,000 permanent union careers
• 35,000 union construction jobs during development
• A 5.6-acre public park, comparable in size to Bryant Park
• 1,500 new housing units, including 324 affordable apartments
• A new public K-8 school
• A neighborhood-focused traffic, safety, and sanitation plan
• Support for local community organizations

The centerpiece of the development is Hudson Green, a new a 5.6-acre public green park designed by the award-winning teams of Hollander Design and Sasaki, as part of a master plan designed by Skidmore, Owings & Merrill (SOM). With stunning views of the Hudson River, this new public park creates an oasis of open lawns, gardens, playscapes, and groves that connect the West Side. Comparable in size to Bryant Park, Hudson Green will feature a dog run, over 300 trees, 500 shrubs, flower beds and various native plantings throughout the active landscape. The architecture and design of the resort is being led by Wynn Design and Develop, Wynn Resorts in-house team of designers, architects and creatives.

The new architectural renderings and video animation allow the public to envision how the development will fit into the context of the overall neighborhood, including Hudson Yards and the Javits Center, as well as how the new park will connect to both the High Line and Hudson River Park. As longtime supporters of both parks, Related Companies made several amendments to the proposal to ensure seamless public access points and create better sightlines and interfaces.

"The next phase of Hudson Yards is a $12B total project investment in New York's future that, if approved by City and State officials, will create tens of thousands of jobs, 1,500 units of housing including hundreds of new affordable apartments, and billions in much-needed revenue for the City and State," said Jeff T. Blau, CEO of Related Companies. "At the center of it all is Hudson Green, a 5.6-acre rolling green park with incredible river vistas, hundreds of trees for hot summer days, gardens, a playground and a dog park. We truly believe it will be an oasis that becomes the new calling card of the neighborhood. In the months ahead, we look forward to sharing more details of the extensive, long-term economic and community benefits our vision for Hudson Yards and Wynn New York City will bring to New York."

Wynn New York City will anchor the development, completing a decades-long revitalization of Manhattan's West Side. This new vision for Hudson Yards West adheres to the approved uses in the 2009 zoning, but has also evolved to reflect the city's current landscape and economic infrastructure needs. Wynn New York City is the economic engine supporting the development and will create careers for thousands of New Yorkers while offering significant benefits to all sectors of the community.

"It's easy for leaders to talk about wanting to create jobs and invest in the economy and infrastructure, but our proposal to develop Hudson Yards West would actually do it, which is why it continues to garner important support from unions, trade organizations and small businesses," said Bruce A. Beal Jr., President of Related Companies. "Finishing the undeveloped yards will not only create 35,000 unionized construction jobs during development, but 5,000 permanent union careers in the resort, which is the economic engine that supports all of these wonderful community benefits, including the affordable housing, public park and transportation improvements."

Following dozens of meetings with locals over the last two years, Related Companies/Oxford Properties Group and Wynn Resorts also unveiled new details around the community benefits of the proposal, including the Wynn Neighborhood Improvement Fund. The fund will provide resources for key areas as identified by the local community including public safety and security, sanitation to keep sidewalks and streets clean, beautification and plantings for public open space, and support local artists, whose work will be displayed both throughout Hudson Green and within the resort. The full scope of the substantial community benefits program to be revealed by next summer.

For more information, please visit WynnNewYorkCity.com. New visual assets, including an animation of a walk along the High Line with views of the proposed development, are available to download here.

About Hudson Yards
Hudson Yards is the newest neighborhood on Manhattan's West Side developed by Related Companies and Oxford Properties Group. A template for the future of cities, Hudson Yards is Manhattan's first LEED Gold Certified Neighborhood; home to leading retail brands in every category from luxury to fast fashion, and first-ever stores from popular online retailers; restaurants and food experiences by world-renowned chefs and restaurateurs; dynamic cultural institutions and attractions including Edge, Vessel and The Shed; modern residences offering unparalleled amenities; more than five acres of public plazas, gardens, and groves; the world's first Equinox Hotel; state-of-the-art commercial office space for industry leaders including KKR, Tapestry, BlackRock and more; and eventually a new 750-seat public school. For more information on Hudson Yards, please visit HudsonYardsNewYork.com.

About Related Companies
Related Companies is a global real estate and lifestyle company defined by innovation and the most prominent privately-owned real estate firm in the United States. Formed 50 years ago, Related is one of the largest private owners and preservationists of affordable housing in the U.S. and a fully-integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisition, management, finance, marketing, and sales. Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, San Francisco, Washington, D.C., Abu Dhabi and London, and boasts a team of approximately 4,000 professionals. With over $60 billion in assets owned or under development including the 28-acre Hudson Yards neighborhood on Manhattan's West Side, The Grand LA and Related Santa Clara in California and The 78 in Chicago. Related was named to Fast Company Magazine's list of the 50 Most Innovative Companies in the World. For more information about Related, please visit https://www.related.com/.

About Oxford Properties Group
Oxford Properties Group ("Oxford") is a leading global real estate investor, developer and manager. Established in 1960, Oxford and its portfolio companies manage approximately C$84 billion of assets across four continents. Oxford's owned portfolio encompasses office, logistics, retail, multifamily residential, life sciences, hotels, alternatives and credit in global gateway cities and high-growth hubs. A thematic investor with a committed source of capital, Oxford invests in properties, portfolios, development sites, debt, securities and real estate businesses across the risk-reward spectrum. Together with its portfolio companies, Oxford is one of the world's most active developers with over 70 projects currently underway globally across all major asset classes. Oxford is owned by OMERS, the Canadian defined benefit pension plan for Ontario's municipal employees.

About Wynn Resorts
Wynn Resorts, Limited is traded on the Nasdaq Global Select Market under the ticker symbol WYNN and is part of the S&P 500 Index. Wynn Resorts owns and operates Wynn Las Vegas, Encore Boston Harbor, Wynn Macau, and Wynn Palace, Cotai. The company is currently developing the first international destination gaming resort in the Middle East, in Ras Al-Khaimah in the United Arab Emirates.

Wynn and Encore Las Vegas feature two luxury hotel towers with a total of 4,748 spacious hotel rooms, suites and villas, approximately 194,000 square feet of casino space, 21 dining experiences featuring signature chefs and 11 bars, two award-winning spas, approximately 513,000 rentable square feet of meeting and convention space, approximately 177,000 square feet of retail space as well as two theaters, two nightclubs, a beach club and recreation and leisure facilities including Wynn Golf Club, an 18-hole, 128-acre championship golf course.

Encore Boston Harbor is a luxury resort destination featuring a 210,000 square foot casino, 671 hotel rooms, an ultra-premium spa, specialty retail, 14 dining and lounge venues, and approximately 71,000 square feet of state-of-the-art ballroom and meeting spaces. Situated on the waterfront along the Mystic River in Everett, Massachusetts, the resort has created a six-acre public park and Harborwalk along the shoreline. It is the largest private, single-phase development in the history of the Commonwealth of Massachusetts.

Wynn Macau is a luxury hotel and casino resort located in the Macau Special Administrative Region of the People's Republic of China with two luxury hotel towers with a total of 1,010 spacious rooms and suites, approximately 294,000 square feet of casino space, 14 food and beverage outlets, approximately 31,000 square feet of meeting and convention space, approximately 64,300 square feet of retail space, and recreation and leisure facilities including two opulent spas, a salon and a rotunda show.

Wynn Palace is a luxury integrated resort in Macau. Designed as a floral-themed destination, it boasts 1,706 exquisite rooms, suites and villas, approximately 468,000 square feet of casino space, 14 food and beverage outlets, approximately 37,000 square feet of meeting and convention space, approximately 107,000 square feet of designer retail, SkyCabs that traverse an eight-acre Performance Lake, an extensive collection of rare art, a lush spa, salon and recreation and leisure facilities.

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SOURCE Related Companies

FAQ

What is the total investment proposed for the Hudson Yards West project by Wynn Resorts (WYNN)?

The total project investment proposed for Hudson Yards West by Wynn Resorts (WYNN) and Related Companies/Oxford Properties Group is $12 billion.

How many jobs will the Hudson Yards West project by Wynn Resorts (WYNN) create?

The Hudson Yards West project by Wynn Resorts (WYNN) is expected to create 35,000 union construction jobs during development and 5,000 permanent union careers in the resort.

What is Hudson Green in the Wynn Resorts (WYNN) Hudson Yards West project?

Hudson Green is a proposed 5.6-acre public park that will be the centerpiece of the Hudson Yards West development by Wynn Resorts (WYNN). It is comparable in size to Bryant Park and will feature open lawns, gardens, playscapes, and groves.

How many housing units will the Wynn Resorts (WYNN) Hudson Yards West project include?

The Wynn Resorts (WYNN) Hudson Yards West project will include 1,500 new housing units, of which 324 will be affordable apartments.