People often talk about blessing in disguise.  For NYC and Mayor Bloomberg, having lost a bid to host the 2012 Summer Olympics to London has been one.

In one of my recent posts, I discussed how the London Olympics has been considered to be one of the most sustainable Olympics ever because the re-use of the stadium and other sports complexes was already planned even before they were developed.  It, however, still leaves a question about the economic impact that the host city gained from the Games.  While NYC may have lost the competition to host the Olympics, it was left with the best opportunity for development remaining in the creation of vibrant new area called Hudson Yards.

Hudson Yards is considered to be Manhattan’s last frontier for new development.   It is the development of the Hudson rail yards on 34th St., between 10th and 11th Aves.  This will be the largest project in the area, and the 50-million-square-foot development will include 20,000 housing units, a hotel, retail space and 25 million square feet of office space.

The No. 7 subway line is an east-west route that connects with all of Manhattan’s north bound and south bound subway lines, and its expansion is now under way.  A new No. 7 train station at 11th St. 34th St. is planned to open by late 2013 or early 2014.

For nearly 30 years, developers and city leaders have sought the transformation of this area but had been unsuccessful, partially because the location lacks the efficient public transportation.   The area is considered far from public transportation with 10 minuite-walk to the nearest station.   The subway line expansion is essential to build a well-balanced community of commuters and residents.  What’s more, Hudson Yards area is well-positioned to accommodate this rapid transportation expansion and, and transit-oriented developments, such as this one, are the epitome of sustainable development initiatives throughout the country, because they encourage greater usage of public transportation.

According to the New York City Economic Development Corporation, Hudson Yards is currently not contributing substantially to the overall economy of NYC.  Between 1990 and 2000, while NYC was in the midst of a robust economic growth period, Hudson Yards experienced a decline in employment and a drop in property tax assessment.   The area’s proposed development and transformation plan into the city’s 21st century hot spot will definitely change the area’s fortune.

In addition to the transportation, developers historically faced zoning issues in Hudson Yards.  Bloomberg  aggressively pursued the changing of the zoning, and a 50-block area was rezoned in 2005 for high-rise development.  This will promote rapid changes in the area, and the changes are already happening and visible.

Also, this month, the New York times reported that one of the city’s biggest developers, The Related Companies, announced tentative plans to erect a 51-story office tower on the spot where the Olympic stadium would have stood, with Coach, the luxury retailer, as the anchor tenant.   This summer, the owners of a large development site across the street from the Jacob Javits Center hired CBRE Group Vice Chairman Darcy Stacom to explore a possible sale, Crain’s reported.

From the green perspective, the residential presence on the midblocks between Ninth and Tenth Avenues, from West 35th to West 40th Streets, would be reinforced with new residential development that would be permitted at medium densities, and there would be a space created for “pocket parks” or “parklets”.

The proposed Convention Center expansion would provide approximately five acres of publicly accessible open space on the roof of the Convention Center facility, including a publicly accessible perimeter esplanade along 12th Ave. and when Highline opens in 2014, the final part of the former railroad will wrap around the Hudson Yards and will give visitors an elevated view of the brand-new neighborhood.

It is exciting to see the revitalizing of under-used area in this urban area. The rejuvenation of neighborhoods, however, often results in significant adverse socioeconomic impacts, and I can’t help but wonder about socioeconomics and preservation of the existing community.

For true urban green living, I hope that co-habitation of the brand new and existing communities comes together as well as the co-exist of old and brand-new buildings during this transformation.