Pier 40

We may be seeing the limits to public-private partnerships in park development.

The plan to use funds from the development of the West Side waterfront to finance new park construction and maintenance seems to be collapsing. While this doesn’t mean an end to these partnerships, it is a signal that public amenities still require public investment. There really is no such thing as a free lunch.

The latest episode in the Pier 40 saga took place on March 28, when Hudson River Park officials rejected a plan by Related Companies to build a $625 million performing arts complex on Pier 40, located at West Houston Street.  read more »

The Related Companies’ plans for a $600 million entertainment center along the Hudson River at Pier 40 is no longer being considered by the Hudson River Park Trust, the city-state agency that governs the park.

The news comes as Madison Square Garden announced it was moving forward with renovations of its existing facility, compromising a $14 billion plan to remake Penn Station and create a new office hub nearby, a plan in which Related, chaired by Stephen Ross, is a 50-50 partner with Vornado Realty Trust.  read more »

With final bids due Friday for the proposed redevelopment of Hudson River Park’s Pier 40, the West Village community seems all but too eager to shut the door on Related Companies' proposed park and waterside entertainment complex. Instead, many seem to be opting for a community plan that mostly preserves the giant working pier-turned-parking lot and ball field complex while still generating enough money to survive.

Not that Related isn’t trying to be loved.  read more »