NEW YORK CITY — A partnership between Related Cos. and Oxford Properties Group, alongside Wynn Resorts (NASDAQ: WYNN), has unveiled plans for the next phase of development at Hudson Yards, a $12 billion mixed-use project located on Manhattan’s west side.
The next phase of development, Hudson Yards West, will replace the undeveloped western rail yards at the site. The developers are currently seeking approval by city and state officials for the expansion. If approved, the project will include the addition of a hotel by Wynn Resorts dubbed Wynn New York City; Hudson Green, a 5.6-acre public park; 1,500 new housing units, including 324 units of affordable housing; and a new K-8 public school.
Designed by Hollander Design and Sasaki, Hudson Green will feature a dog run, open lawns, gardens and playscapes. The park will include the addition of over 300 trees, 500 shrubs and flower beds.
Wynn Design and Develop, Wynn Resorts’ in-house team of designers, architects and creatives, will lead the architecture and design of the hospitality component. All facets of Hudson Yards West are being designed as part of a master plan by Skidmore, Owings & Merrill.
Wynn Resorts has also committed to creating The Wynn Neighborhood Improvement Fund, which will work with residents in adjacent neighborhoods to address challenges in public safety and security; ensure sanitation, keeping sidewalks and streets clean; and beautify the surrounding area through the addition of trees and flower beds.
The new phase of development is expected to create over 35,000 construction jobs if approved, with the hotel expected to generate over 5,000 permanent jobs upon completion.
Based in New York City, Related Cos. is a privately owned real estate firm with over $60 billion in assets owned or under development. The company’s portfolio includes The Grand LA and Related Santa Clara in California and The 78 in Chicago.
Oxford Properties Group is a Toronto-based global real estate developer, investor and manager. The firm has over 70 projects currently underway across all major asset classes.
Las Vegas-based Wynn Resorts owns and operates Wynn and Encore Las Vegas, two luxury resort towers on the Las Vegas Strip; Encore Boston Harbor in Everett, Mass.; and Wynn Macau and Wynn Palace, Cotai in China. The company’s stock price closed at $75.30 per share on Wednesday, August 28, down from $95.72 one year ago.
— Katie Sloan