• Journal of the Korea Academia-Industrial cooperation Society
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• v.18 no.12
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• pp.80-87
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• 2017

In the past, the United States has been engaged in large-scale urban development projects as a tool for urban regeneration to revitalize distressed urban areas. On the other hand, large-scale urban development projects have been stalled or discontinued globally since the 2008 economic crisis. Despite this, the Hudson Yard development, which is the subject of this study, has resumed smoothly due to the characteristics of its development structure and rational negotiation process. Most domestic developments depend on the economic circumstances, and the problems that are exposed in a privately led development are repeated; the Yongsan International Business District Development is a representative failure case. This study examined the characteristics of the business structure and the nature of the negotiation process in the Hudson Yard development project in New York City.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.14 no.9
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• pp.4524-4531
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• 2013

Recently, there are increased importance on introducing Tax Incremental Financing as a means of project financing for urban regeneration. Values of implementing this financing method based on future revenue has to be considered not just as self-financing methods but as possibilities building virtuous circular structure in urban developments. In respond to domestic problems in developments led by private sector, it reinforces public sector's roles by providing finance from the beginning of development. This provides concomitant structural & institutional supports for increasing not only social values for the public but also revenues for private developers. Therefore, this study starts with theoretical background study on TIF as well-known example, then analyzes PILOT used on Hudson Yard Development in NYC as an unique example sharing identical structural & conceptual characteristics. With these process, the study deducts suggestive implications on Tax Incremental Financing possibly reflected on domestic situation.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.21 no.1
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• pp.745-752
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• 2020

The purpose of this study is to analyze the development progress of Pacific Park (formerly Atlantic Yard) in Brooklyn, New York City. Along with the Hudson Yards Development in Manhattan, Pacific Park is one of New York City's leading large-scale urban development projects using space right above an existing railway and has attracted worldwide attention. With the resurgence of large-scale development, its advanced form has received social attention. In particular, the development was evaluated as an exemplary development using the Community Benefits Agreement, which benefits local residents. Unfortunately, due to various difficulties, the development has been struggling from delays and changes away from the early stages, which have also caused social concerns and criticism. In this regard, this study examines the development through the process and the public sector's responses to the risk-inducing factors and reactions. The theoretical background of the US urban redevelopment is examined, and the specific changes and major contents of the project are analyzed. The following implications were drawn based on changes and responses in the development process: 1) securing the flexibility and mandatoryness of developers, 2) comprehensive control of the development site, 3) communication with and responding to the public, 4) securing additional financial resources, and 5) verification of new technologies.