I've mentioned Hudson Yards in a previous blog post and was incorrect in my assessment of the type of transit value capture at play. I had suggested that the development relied on existing transit, changes in land use regulations, and high land values that made a platform over the rail yard feasible. In actuality, it appears that a new subway station sits at the heart of the new development and the new access it affords is distinct and critical to its success. The new access provided by the subway station is distinct from the existing north-south subway service and regional rail service available at Penn Station.
Reuters reports that the station is anticipated to be one of the busiest in the system and provide direct access to several key hubs.
The new station is intended to be the linchpin of the Hudson Yards development, with more than a dozen skyscrapers, a cultural center and parks replacing a neighborhood once dominated by rundown industrial buildings.
Unfortunately, Reuters also reported that opening day for the subway station at the heart of the new development has been slightly delayed. In 2015, the station should open and soon after new development will also be open. Photos of the development are available in this syndication of the Reuters article.
Ian Carlton is a transportation and land use expert specializing in transit-oriented development (TOD). He helps clients - including transit agencies, planning departments, and landowners - optimize real estate development around transit.
Special thanks to Burt Gregory at Mithun for permission to use the Portland Streetcar image above.