NEW YORK—On Tuesday, Related Companies and OMERSbroke ground on South Tower, the first tower at Hudson Yards, a 47-story, 1.7 million-sq.-ft. building located at the northeast corner of 10th Avenue and 30th Street. The tower is the future home of Coach Inc.’s world headquarters. The anticipated LEED Gold tower, designed by Kohn Pedersen Fox Associates, will be completed in 2015.
The South Tower is the start of Related and Oxford’s development of the Hudson Yards, which is the largest private development in New York City since the development of Rockefeller Center.of the North Tower will follow construction of the South Tower, and will include 2.4 million sq. ft. at the southwest corner of 10th Avenue and 33rd Street. The two towers will be linked by a major retail complex.
The 26-acre Hudson Yards site will accommodate more than 13 million sq. ft., including over 6 million square feet of commercial space and 750,000 sq. ft. of retail space with five floors of shops, cinemas, restaurants, markets and bars.
Additional plans include approximately 5,000 residences, a new public school and luxury, as well as a new cultural facility.
“Hudson Yards will be the new heart of New York City,” said Stephen M. Ross, Related Companies founder and chairman, “with state-of-the-art commercial space, vibrant retail and restaurants, a unique cultural center, over a dozen acres of public space with iconic plazas and important public art, a school, residences and affordable housing.”
In 2010, Oxford Properties Group, the real estate investment andarm of the OMERS Worldwide group of companies, partnered with Related as general partners in the development.
Hudson Yards is located in close proximity to public transportation, the West Side Highway and Lincoln Tunnel.