Conference Presentation, Fireside Chat, Interview
Related Companies’ Jeff Blau on Building Hudson Yards
- Hudson Yards is envisioned as a mixed-use "live, work, play" neighborhood where all components are planned to finish simultaneously to ensure lease viability for eight office buildings.
- Development strategy requires a balance of optimism and realism, with capital planning and team readiness established from day one to navigate long development cycles.
- Energy Re plans to construct a 200-mile transmission line and 25 utility-scale renewable plants, creating a single $12 billion project.
- The renewable portfolio is projected to generate 3.8 gigawatts of power, supplying 16 percent of New York City's total energy and enabling zero-carbon output for buildings.
- Blau predicts the New York City power grid will transition from 90 percent fossil fuel to 90 percent renewable energy by 2030, contingent on offshore wind sites and transmission lines.
- The project is characterized as the largest renewable energy project ever built in the United States, with expansion efforts including bringing Iowa wind to Chicago and an upcoming Los Angeles initiative.
- A capital raise of $1.2 billion is anticipated to be closed soon with Goldman Sachs representing investors to fund the capital-intensive renewable venture.
- Despite industry uproar regarding Local Law 97 and initial rejections of upstate renewables, the plan is to build transmission into the city to realize the energy opportunity.
- The company aims to become the owner of the largest affordable housing portfolio in the United States to offset luxury condominium perceptions and ensure cities remain economically successful.
- Success of large-scale developments is predicated on economic viability, proper affordable housing, and the belief that long-term wind energy trends favor the venture's success.