„We also are in pre-development entitlement work on Site K, which we were awarded in December. That will be 1,300 units of residential and potentially a 400-key hotel as well, and that’s right across the street from the Javits Center and immediately north of our site at 3 Hudson Boulevard. So we have a lot going on on the development front right now.
Has 3 Hudson Boulevard broken ground?
We built all of the subgrade infrastructure and the foundations. Amtrak cuts a corner of that site, and we had to build over the tracks, so all of that is done, and the site is now at grade. Because it’s a 1.8 million-square-foot project, and the capitalization is over $3 billion, you need a construction loan. Those things sort of dictate that you have a meaningful pre-lease before you commit to one vertical, and we’re working on that.“
Credit: Hilary Spann, BXP’s NYC Chief, On Tenant Allowances, Construction Costs and More – Commercial Observer (and NYguy)