Mayor Bill de Blasio announced a new timeline for the rezoning of a large swath of east midtown in Manhattan Friday, one that could stretch into 2016 but will allow for one major skyscraper project to get started in the meantime.
Under a special permit to be issued by the city and subject to public review, SL Green will build a 1.6 million-square-foot office building adjacent to Grand Central Terminal on Vanderbilt Avenue between East 42nd and East 43rd streets. The 65-story tower will be 150 feet taller than the Chrysler Building on the other side of the train station.
The project, called 1 Vanderbilt, will include indoor and outdoor public space, as well as underground connections to the subway to help relieve above-ground congestion. The public review process for the surrounding five blocks along Vanderbilt Avenue will begin this fall.
SL Green will invest more than $100 million to improve the flow of commuter traffic through Grand Central Terminal, said Marc Holliday, CEO of the development firm. But City Planning Commission Chairman Carl Weisbrod said the developer's investment in transit infrastructure will be "a lot more than $100 million," and other private firms looking to reap benefits from the rezoning will need to pony up as well.
Mr. Weisbrod confirmed two other development sites as part of the initial Vanderbilt corridor rezoning: a property on Madison Avenue owned by the Metropolitan Transportation Authority, and the Roosevelt Hotel on East 45th Street.
The rest of the midtown east rezoning, which was shelved last year when the Bloomberg administration officials could not get midtown Councilman Daniel Garodnick to sign on, won’t kick off until at least the spring of 2015, and will likely extend into the following year. Mr. de Blasio tapped Mr. Garodnick and Manhattan Borough President Gale Brewer to oversee a lengthy community review process before the mayor unveils a plan for the 70-block rezoning.
