New York – Gov. Eliot Spitzer announced today that city, state and transit officials have begun soliciting bids for the right to build over a big rail yard where Mayor Michael Bloomberg wanted to put a new stadium.Join our WhatsApp group
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The city hopes to find a deep-pocketed developer or two willing to put a deck over two sections of the property and build office towers, apartment buildings, parks and a cultural center.
The enterprise would not be cheap. Constructing the platform alone, while trains continue to rumble beneath, is expected to cost hundreds of millions of dollars. City officials also want any buyer to include affordable housing.
Spitzer declined to name an asking price, but said the Metropolitan Transportation Authority, which owns the land, hopes to raise enough to erase a $1 billion deficit in its construction budget.
"This is a remarkable real estate opportunity," he said, noting that the 12 million square feet (1.11 million sq. meters) of new buildings envisioned for the site would make it bigger than Rockefeller Center.
"This will be one of the largest and most important development projects in the history of New York City," said Spitzer. [IHT]