NEW YORK—The Metropolitan Transportation Authority signed a deal that would allow them to develop Hudson Yards, according to a statement released by the agency on Wednesday.
The MTA signed a 99-year lease with Related Companies and new partner Oxford Properties Group to develop the 26-acre site.
Located on Manhattan's West Side along the Hudson River, the 99-year lease will enable the MTA to have the site developed into a mixed-use community with 12 million square feet of residential and commercial space.
A school and 12 acres of public space will be some of the features of the new development.
The development, in the future, will be served by the 7 line, which will "turn this area into a vibrant residential and commercial neighborhood,” said MTA Chairman and CEO Jay H. Walder.
He added, "We were also able to maximize value for the MTA and provide a new revenue stream to support many of our vital capital projects.”
The developer of the Yards will put a deck over a portion of the yards that is used by the Long Island Rail Road so as not to disrupt service due to construction.
Related Companies and Oxford Properties will make a $21.75 million deposit and will make $11 million deposits each, six and twelve months from now, the MTA said.