The city has secured an anchor tenant for Manhattan's largest undeveloped space — the Hudson Yards development project — and will build an office tower on the site in the city's West Side.
Leather-goods maker Coach Inc. will occupy a third of the commercial space in a new 51-story tower at 30th Street and 11th Avenue, the city announced Tuesday.
"This deal means that the market has spoken," said Mayor Michael Bloomberg. "The far West Side's economic potential is now becoming a reality."
Construction on the 1.7 million-square-foot building will begin by mid-2012 and should be ready for occupancy in 2015. City officials said more than 20,000 jobs will be generated by construction of the building.
Construction of the tower is the first step in plans to develop a 300-acre neighborhood that includes an extension of No. 7 subway service, which will run to the neighborhood from Times Square, and completion of the High Line elevated rail park.
Redevelopment of the area also includes plans for green space, shops, offices, apartments, affordable housing, a hotel and a cultural center.
"Creating a whole new neighborhood, where the city's future growth will take place, what will be the Rockefeller Center of the 21st Century and beyond, is truly humbling," said Stephen Ross, chairman, CEO and founder of Related Companies, developer of the Hudson Yards project.
Rendering of the new tower, planned to be built at 30th Street and 11th Avenue.