New Penn Station seen triggering building boom
More in article; Source: MATT CHABAN, 2013,
http://www.crainsnewyork.com/article...TATE/130719936
Study finds that moving Madison Square Garden to allow for a re-developed rail hub
could spur development of 30 sites in the area. It also sees taxes and fees generated from development helping to pay for needed improvements.
Moving Madison Square Garden from its long-time home would not only spur a new version of its downstairs neighbor Penn Station, but an entirely new neighborhood around the rebuild rail hub. That is the case being made by the Municipal Art Society in a new report that predicts the development of 20 million to 30 million square feet of new offices, hotels and apartment buildings in the area, should it be redeveloped and rezoned in the coming years.
"One of the challenges we know of for the whole Penn project is where this money is coming from, and what does the future of the neighborhood look like," said Raju Mann, MAS' director of planning. "This starts to solve both of those issues."
Mr. Mann said the study is real, based on a 2007 rezoning proposal from the city that was never undertaken, as well as work by the state on Moynihan Station just west across Eighth Avenue up through 2009. But he also stressed that the study was not a concrete plan of how to develop the area or fully pay for fixing the train station and surrounding streets. For example, there is no provision for what to do about increasing open space to fit in with all the new density proposed for the area.