There are billion-dollar mega-projects that have been completed or are under construction that will transform New York City gradually or by the year 2035 in the hopes of attracting even more businesses, tourists, and new residents.
Here are just a few examples of what is happening:
Cornell Tech Campus
The Ivy League Cornell University’s tech campus on 12 acres dominates NYC’s East River Roosevelt Island with its two million square feet of classrooms, offices, and dorms as well as restaurants, a hotel, and shops. At the cost of an estimated $2 billion, the university received the sum of $100 million in capital funding from the city.
This new type of urban campus is one of the world’s most energy-efficient and environmentally friendly. With power that is completely generated on campus, it is among the largest Net-Zero energy buildings in the nation.
Hudson Yards, on 28 acres from 30th to 41st Streets and 10th and 11th Avenues in Manhattan, is comprised of 33 small projects. This new neighborhood, with an expected completion in 2024, will have residential units, office buildings, retail, restaurants, and a public square. At the cost of an estimated $20 billion, this is billed as American history’s most expensive real estate development.
Hunters Point South
This will be a three-phase mega-development on 30 acres along the waterfront in Long Island City, Queens, with a priority of affordable housing, the largest of its kind in NYC since the 1970s, offering more than half of its 5,000 units below market rate. Also featured will be retail space, restaurants, a school, and a park having a ferry.
The first phase of two affordable buildings opened in 2015. The second phase will include over 900 permanently affordable apartments in a $500 million two-towered 1,120-unit complex. There will also be up to 40,000 square feet of retail and community facility space, and there may be a grocery store, a medical facility, or a space dedicated to culture and arts.
The original streets and buildings in this Sunset Park neighborhood in Brooklyn were an industrial complex going back to the 1890s. Known as the historic Bush Terminal, it was the nation’s largest multi-tenant industrial property and had manufacturing, warehousing, and shipping. A major 6.5 million-square-foot makeover redevelopment will modernize the historic infrastructure of 16 buildings for tech startups, shops, and a hotel on approximately 40 acres.