Hudson Yards West Project Advances with Important Approval
Wynn Resorts and Related Companiesâ bid for a hotel and casino resort in New York picked up significant speed after important approval. Earlier this week, Hudson Yards West, the project proposed by the two companies, received approval from the City Planning Commission (CPC), marking an important step in the ongoing process.
The Development Is Expected to Bring Significant Improvements, Benefits
The massive development, if approved, promises to bring significant benefits to the Western Railyards and adjacent regions. The project is expected to create thousands of permanent jobs and benefit local communities considering that 1% of the casino revenue would be dedicated to the neighborhood.
Equally important, Hudson Yards West is projected to generate some $2.7 billion in revenue for the MTA, providing a vital boost for public transit in the area at a time when fiscal uncertainty and challenges are present. However, all of the benefits are contingent on Wynn and Related Companies winning one out of the three new casino licenses.
Recording major progress, the proposal is now one step closer to approval thanks to the CPCâs recent vote. According to Wynn and Related Companies, the Commission voted âoverwhelmingâ in support of âmodifications required to revitalize the underdeveloped Western Railyards with a gaming resort, housing, green park space, and more.â
Jeff T. Blau, Related Companiesâ CEO, spoke about the importance of the approval by CPC. He said that this green light takes the project closer to becoming a reality and bringing hundreds of millions in community benefits. âWe thank the Commission for thoughtful consideration and feedback throughout this process and look forward to working with City leaders in the coming weeks to ensure we do not miss out on this economic opportunity for New York,â Blau added.
âToday marks a critical milestone for Hudson Yards West: thanks to the collaborative process with City Planning, we are closer than ever to delivering on this historic investment in our community, which will create thousands of new union jobs, thousands of units of new housing, a huge new public green space park and nearly $200 million of community benefits.â
Jeff T. Blau, CEO of Related Companies
Project Reaches Next Stage in ULURP
After the recent approval, the proposed project now advances to the next and final state of the Cityâs Uniform Land Use Review Procedure (ULURP). As a result, the bid by Wynn and Related Companies will seek approval from the City Council, which can be given in the next 60 days.
Considering that such approval is granted, the proposed casino development is going to be reviewed as one of the bidders for a gaming license. The three coveted licenses are expected to be awarded by the end of the year.
