Gov. David Paterson and Mayor Michael Bloomberg announced March 13 that the Metropolitan Transportation Authority (MTA) had approved Tishman Speyer as the developer for the Hudson Yards.

The deal, which would over time pour $1 billion into the MTA capital budget, envisions 8 million square feet of office space, 3.4 million square feet in residential space with 400 permanent affordable housing units included, 480,000 square feet of commercial space and 13 acres of public space.

The governor and the mayor both made repeated comparisons to Rockefeller Center, which broke ground in the midst of the Great Depression.

“It will be more than 50 percent larger than Rockefeller Center. Just think how that transformed midtown Manhattan. This is going to do the same thing for the Far West Side,” Bloomberg said.

With the economy in recession, Bloomberg said, the deal should be seen as a vote of confidence in the long term viability of the city.

Rob Speyer, president of the development company which won a five-way bidding process, said the deal meant a great deal on a personal level to him and the whole company.

“We’re lifelong new Yorkers, our business is headquartered here. The city’s a part of our soul. And so to get the opportunity to help redefine our city’s wonderful skyline for the next generation, that’s what you dream about when you go into real estate,” he said.

Officials insisted that the plan would not fall by the wayside, as has often happened after big development deals have been announced in the city. A schedule of payments to the MTA would keep construction on pace, they insisted.

Nonetheless, Paterson stressed the importance of vigilance and commitment to making sure the plan goes through and the buildings are built.

“We are hoping today what can be an enormous signal of our faith in New York City’s future,” he said. “But tomorrow, we’ve got to move along and make sure that it actually happens, and hopefully one day, it will become another of New York’s great landmarks.”

Photo by Andrew Schwartz.