Only 10 years ago, you’d have been medicated if you’d said a whole new neighborhood could be shoehorned into Midtown Manhattan. But at noon on Friday, Mayor Bloomberg will take a ceremonial ride on the No. 7 subway line extension — right through just such a neighborhood.
Hudson Yards, on the far West Side, is now a reality. That’s not only because the No. 7 is on pace to open there in June, stretching the line from Times Square to 34th Street and 11th Avenue. It’s also because major development projects are well under way, with more sure to follow.
Bloomberg and his staff accomplished this remarkable feat almost single-handedly — and deserve nearly all the credit, along with their victory ride.
Start with the No. 7 extension itself. It was launched in 2006 at a time when the Metropolitan Transportation Authority faced its own squeeze on resources. Finding the $2.4 billion to pay for the 1¹/₂ -mile track was no walk in the park.
City Hall, in a novel move, offered to foot the bill. Sure, there were valid questions about its financing, which relies on speculative future tax revenues from the new development. But with construction already under way, the risks to taxpayers now seem small. Without the funding, the extension would not have been built.
The subway, of course, was a key to attracting investors, as was Bloomberg’s rezoning. Already developers have agreed to invest $11 billion in projects that will include new office towers, new residential units, new hotels, new retail outlets and new parks. In short — a whole new neighborhood and an economic boon for the city.
If only all our government projects worked as well.