LinkShare_468x60v1

State advances plan to redevelop area near Penn Station

New York state is moving forward with a plan to redevelop the area around Penn Station, a major project that could reshape Midtown.

Empire State Development has adopted a draft plan to develop eight sites around the transit hub, which would result in 10 mixed-used buildings with about 20 million square feet of offices, retail, hotel and potentially residential space.

Gov. Andrew Cuomo promised last year to expand the train station’s capacity by 40% and create new developments to fund the improvements. The draft plan announced Friday would roughly double the size of building permitted on the sites, according to a news release.

The state is partnering on the project with Vornado Realty Trust, which owns much of the land targeted for development.

Vornado has been looking replicate its success at Hudson Yards, spending more than $2 billion to redevelop more than 5 million square feet by Penn Station. Facebook inked a lease in August for all the office space at the Farley Building, which houses the new Moynihan Trail Hall.

SOURCE: Section Page News – Crain’s New York Business – Read entire story here.