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:
“Our inventions are wont to be pretty toys, which distract our attention from serious things. They are but improved means to an unimproved end, an end which it was already but too easy to arrive at; as railroads lead to Boston or New York.”
—Henry David Thoreau (1817–1862)
“Lovely the woods, waters, meadows, combes, vales,
All the air things wear that build this world of Wales.”
—Gerard Manley Hopkins (1844–1889)
“Individuality is the aim of political liberty. By leaving to the citizen as much freedom of action and of being, as comports with order and the rights of others, the institutions render him truly a freeman. He is left to pursue his means of happiness in his own manner.”
—James Fenimore Cooper (1789–1851)