Bids submitted for multi-billion dollar New York regeneration scheme

A desolate stretch of Manhattan parking lots in New York is the subject of a multi billion-dollar regeneration competition to take place over the next decade.Developers hoping to transform an envelop of government-owned rail yards on the West Side waterfront into a new neighborhood of office towers as tall as 70 stories, apartments on the river, hotels and green parks are all vying for the contract for the development.The biggest names in New York development – paired with corporate names like Conde Nast and Morgan Stanley have made bids for rights to the 26 acres of Hudson rail yards, one of the last and best building opportunities available in the city.Business leaders see the Hudson Yards project as a chance to extend midtown Manhattan to the west, joining a planned development of offices near Penn Station and Madison Square Garden and an expanded Javits Convention Center near the river.The result of the development will be 24 million square feet of office space, plus over 13,000 apartments, a school, arts centre and parkland. The winning developer will probably have to spend about $1.5 billion to build platforms over the existing rail yards, billions of dollars in construction costs and well over $500 million for the development rights.A desolate stretch of Manhattan parking lots in New York is the subject of a multi billion-dollar regeneration competition to take place over the next decade.Developers hoping to transform a envelop of government-owned rail yards on the West Side waterfront into a new neighborhood of office towers as tall as 70 stories, apartments on the river, hotels and green parks are all vying for the contract for the development.The biggest names in New York development – paired with corporate names like Conde Nast and Morgan Stanley have made bids for rights to the 26 acres of Hudson rail yards, one of the last and best building opportunities available in the city.Business leaders see the Hudson Yards project as a chance to extend midtown Manhattan to the west, joining a planned development of offices near Penn Station and Madison Square Garden and an expanded Javits Convention Center near the river.The result of the development will be 24 million square feet of office space, plus over 13,000 apartments, a school, arts centre and parkland. The winning developer will probably have to spend about $1.5 billion to build platforms over the existing rail yards, billions of dollars in construction costs and well over $500 million for the development rights.