Hudson Yards West Hits Approval Milestone
Deal News | Apr 09, 2025 | Related Cos LP/The
Hudson Yards West, a massive development project on New York City’s Western Railyards led by Related Companies, Oxford Properties Group, and Wynn Resorts, has received critical approval from the City Planning Commission. Intended to transform the area with a gaming resort, housing, green space, and more, the project promises substantial economic and quality-of-life benefits for the West Side, Chelsea, and Hells Kitchen. The project is highlighted for a 1% reinvestment model from gross gaming revenue that will fund local community organizations, generating not only $197 million for such groups but also projecting $2.7 billion in revenue for public transit through the MTA. Additionally, with the creation of 5,000 permanent union jobs, 35,000 construction jobs, 1,500 new housing units, and a new school, the project symbolizes a $13 billion investment poised to revitalize the area. The City Planning's latest favorable vote advances the proposal to the City Council for further consideration in its final approval stages, after which state approval is required for a downstate gaming license.
Sectors
- Real Estate Development
- Gaming and Casinos
- Public Infrastructure
Geography
- United States – The project is located in New York City, United States, and has implications for city and state government approvals.
- New York – The Hudson Yards West development is specifically situated in New York City, providing local economic and community advancements.
Industry
- Real Estate Development – The article discusses a major urban development project involving construction, real estate management, and community development.
- Gaming and Casinos – The project includes a major gaming resort, part of the key elements led by Wynn Resorts.
- Public Infrastructure – Significant portions of the project engage with infrastructure development, including housing, green spaces, and urban connectivity.
Financials
- 13 billion – The total investment value of the Hudson Yards West project.
- 2.7 billion – Projected revenue for the Metropolitan Transportation Authority (MTA) through the project.
- 197 million – Investment directed towards local community organizations as part of the community benefits plan.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Hudson Yards West | Target | Companies | The development project aiming to transform the Western Railyards. |
| Related Companies | Bidding Company | Companies | A leading firm in real estate, spearheading the Hudson Yards development. |
| Oxford Properties Group | Bidding Company | Companies | A global real estate investor and developer co-leading the Hudson Yards project. |
| Wynn Resorts | Bidding Company | Companies | An international luxury resort developer involved in creating a gaming facility on the site. |
| City Planning Commission | Government | Government | The governmental body that provided necessary approvals for the project to proceed. |