In January 2005, the New York City Council approved a comprehensive rezoning of the Hudson Yards that will transform this area into a vibrant, medium to high density extension of the Midtown business district with residential, cultural, hotel, and retail uses and substantial new open space and parkland.
The rezoning allows for:
- 24 million square feet of new office space
- 13,500 new housing units, including almost 4,000 affordable units
- 1 million square feet of new retail space
- 2 million square feet of new hotels, including a new headquarters hotel for the Javits Convention Center
In December 2009, the New York City Council approved a comprehensive rezoning of the Western Rail Yard that will transform this open air railroad storage yard into a vibrant, transit-oriented, mixed-use development with approximately 5,000 apartments, office, hotel, retail, cultural and community facility, and parking uses, and 5.45 acres of public open space.
Extensive information on the zoning and development plan for the Hudson Yards area is available on the New York City Department of City Planning's website at http://www.nyc.gov/html/dcp/html/hyards/proposals.html.
| || ||District Improvement Bonus |
Developers of commercial or residential projects in the Hudson Yards area have an opportunity to receive a zoning bonus that would allow their project to exceed the "base" maximum floor area ratio (FAR) established in the Zoning Resolution by making a District Improvement Bonus (DIB) payment to the Hudson Yards District Improvement Fund. The District Improvement Fund will be used by the City to help finance density-ameliorating infrastructure improvements in the Hudson Yards area, including the No. 7 Subway Extension and new parks and open space. The base maximum FAR and the maximum additional FAR that may be acquired through DIB payments are set forth in the Special Hudson Yards District provisions of the Zoning Resolution.
The Zoning Resolution initially established the DIB price at $100 per square foot, but requires the New York City Department of City Planning to make an annual price adjustment based upon the Consumer Price Index. Notice of such increase and future notices of annual adjustments can be found on the Department of City Planning's website at http://www.nyc.gov/html/dcp/html/hyards/implementation.shtml.
Eastern Rail Yard Transferrable Development Rights (ERY TDRs)
The Eastern Rail Yard Transferrable Development Rights ("ERY TDRs") are development rights that HYDC is authorized to sell to owners of certain properties within the Large Scale Plan Subdistrict (Subdistrict A) of the Special Hudson Yards District. ERY TDRs are available for purchase pursuant to the ERY TDR Pricing Policy ("Pricing Policy") adopted by HYDC.
HYDC has prepared detailed information on the Hudson Yards development program, zoning, and particular development sites in the Hudson Yards area. Click here to download a PDF.