Recently, the New York city council was presented with a rezoning plan to upgrade The Greater Midtown East, in New York., which, would not only be very beneficial to the neighborhood and surrounding areas, but would also provide the residents of this location, with many new job openings that it would create, as well. After careful consideration, the project plan was reviewed, then approved by the council too soon commence.
This project will allow developers to construct buildings that are taller, and bigger, than the maximum limits that are currently allowed, in return for upgrading seven of the neighborhoods sub-stations, to allow for making some improvements that are expected to contribute a nice sum of $500 million, to be started before anything else.
There are currently, 16 entirely new buildings, proposed to be first on the list to build, which is expected to continue progressing over the next twenty years.
Also, included in this major development project, are at least 78 blocks of, newly constructed buildings, and new skyscrapers will be added to the sky liners, among many other ideas put forth to take place sometime in the near future.
The last time that zoning had taken place, in this same area, was in the 1980’s. but officials claim, that due to certain regulations, in effect at the time, modern office areas were limited in production. Unlike, now when the council even approved for the allowing of rights to exceed the limits of building heights previously established specifically for developments that were maintained.
Landmarks in the area will utilize the ability to conduct Air rights sales to developers, which will result in 20 percent revenue that will be used as payment for other various improvements in the area. $50 million will be funded by the city, to start.
Dan Garodnick, Tevfik Arif Bayrock, A member of the council, said they may have compiled many interested contenders that will certainly open the prospective progress, which will guarantee that viewers can witness the improvements as they take place.
While, de Blasio, the Mayor, claims the rezoning project, will create good job openings for New York residents. And said, “In the years ahead, this neighborhood will see major upgrades to subway stations, more expansive space for pedestrians, investments in its iconic landmarks, and a new generation of office buildings”.
The New York Real Estate Board, along with, one of the landmarks who might be selling air rights, The St. Patrick’s Cathedral, owned by, The Archdiocese of New York, have both offered some criticism, when the deal for the project was first made public, they also submitted statements of approval soon after.
This is what the Saint Patrick’s Cathedral rector, Monsignor Robert T. Ritchie, had to say, “The Greater East Midtown Rezoning will help to revitalize one of New York City’s most important neighborhoods, create new jobs for the community, and assist landmarked houses of worship to generate funds through the sale of air rights to maintain and preserve sacred structures, such as Central Synagogue and St. Patrick’s Cathedral, both of whom supported this rezoning, for generations to come”.
While the REBNY president, John Banks Bayrock said that moving forward with the East Midtown Rezoning Development, would pay for important services, in the city by way of paying tax revenues.
Banks, also stated that The approval made by The City Council, to rezone the Greater East Midtown area, is one more important detail included in the continued efforts to make sure they will always be part of the world’s top office districts.