Railroads and Air Rights
Railroads were the first companies to realize the potential of making money from their air rights. A good example of this is Grand Central Terminal in New York City, where William J. Wilgus, chief engineer of the New York Central and Hudson River Railroad, devised a plan to earn profit from air rights. At first, the railroad simply constructed a platform above the rail yards to allow for the development of buildings overhead. By 1954, the railroad began to realize it could sell more air rights and Grand Central Terminal was proposed to be replaced by a 50-story tower. This is how the MetLife Building came to be built next to the station, after public protest regarding the demolition of Grand Central Terminal.
Building on platforms over railroad tracks is still potentially very profitable, especially in New York City. Recently the Metropolitan Transportation Authority attempted to sell air rights to the New York Jets so that they could build the West Side Stadium over the West Side Yard near Penn Station as part of the Hudson Yards Redevelopment Project. The MTA has even proposed building a platform themselves to encourage development. In Brooklyn, the Barclays Center has been constructed over the Atlantic Yards.
Read more about this topic: Air Rights
Famous quotes containing the words railroads, air and/or rights:
“Indeed, I believe that in the future, when we shall have seized again, as we will seize if we are true to ourselves, our own fair part of commerce upon the sea, and when we shall have again our appropriate share of South American trade, that these railroads from St. Louis, touching deep harbors on the gulf, and communicating there with lines of steamships, shall touch the ports of South America and bring their tribute to you.”
—Benjamin Harrison (1833–1901)
“Mothers of America
let your kids go to the movies!
get them out of the house so they won’t know what you’re up to
it’s true that fresh air is good for the body
but what about the soul
that grows in darkness, embossed by silvery images”
—Frank O’Hara (1926–1966)
“When lions paint pictures men will not always be represented as conquerors. When women translate laws, constitutions, bibles and philosophies, man will not always be the declared heard of the church, the state, and the home.”
—Elizabeth Cady Stanton 1815–1902, U.S. women’s rights activist, author, editor. The Revolution (August 13, 1868)