- Funding Needed
- $217.6 (Mio)
- EB5 Funding
- $50 (Mio)
- EB-5 Investors
- 100
- Investment Amount
- $500,000
- Subscription Fee
- 50,000
- Job Creation (Total)
- Uncertain
- Category
- Accommodation and Food Services
- Sub-Category
- Hotels (except Casino Hotels) and Motels
- Structure
- Equity
- Amount of EB-5 investors anticipated for this phase?
- 100
- Expected Return
- 1.0%
- Principal equity in project?
- Yes
- Does this project have approved I-526's?
- No
- Does this Regional Center have approved I-526's?
- No
- Does this Regional Center have approved I-829's?
- No
- State
- Texas
- Location
- Twelfth Avenue on the west, 33rd Street
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Hudson River Project (Phase I)
- Developer Name
- ERY Developer LLC
Project Description
Hudson Yards is the cornerstone of the greater Hudson Yards District, which recently has been rezoned to accommodate nearly 40 million square feet of new mixed-use development. If fully realized, the Hudson Yards District will include approximately 25,800,000 square feet of Class A office space, 20,000 housing units, two million square feet of hotel space, a 750-seat public school, one million square feet of retail and more than 20 acres of public open space. Current plans indicate more than 30,000 people are expected to work within the Hudson Yards District, and the residential component is expected to accommodate an estimated 10,000 residents. Further, the Hudson Yards District is expected to attract millions of visitors each year and be one of the most accessible sites in the New York metropolitan region.
Presently, Hudson Yards consists primarily of an active open rail yard (i.e., the Rail Yard), below street level, that includes an aggregate 30 sets of railroad tracks that are principally used for storage and maintenance of Long Island Rail Road trains that serve Penn Station, the busiest train station in North America. The Project’s master plan includes building a platform over these tracks to serve as development pads upon which residential and commercial buildings will be constructed.
The anticipated cost of constructing the platform is approximately $2.5 billion and will be financed through a combination of the proceeds of a series of EB-5 Program offerings (of which this Offering is the initial round of what is expected to be several offerings) and other capital raised or to be raised and/or borrowed by our company and certain of our affiliates for the Project.
Project Timeline
On December 4, 2012, construction in the Eastern Rail Yard commenced on the first tower, Tower C. The construction of the platform over the Eastern Rail Yard (ERY Platform) is expected to be complete by July 2016. Tower D will be completed by the end of 2017.
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