The framework establishes height limits for the first time alongthe corridor. Vornado Realty Trust, Thor Equities LLC, both locallybased, and Chicago-based General Growth Properties have allpreviously mentioned that they are going to bid on the project, butdid not respond to queries by deadline. In order to ensure retaildiversity, special regulations restrict the amount of the streetfrontage that may be occupied by banks and by office andresidential lobbies. The zoning also requires the inclusion of artsand entertainment uses for developments over a certain size and itestablishes an arts bonus--the first in the City--to promote thedevelopment of more than 90,000 sf of new non-profit visual artsand performance space. The rezoning is also expected to producemore than one million sf of office space and more than 7,000jobs.

Hugh Finnegan, an attorney in the real estate group at Sullivan& Worcester LLP, tells GlobeSt.com that there will be a numberof existing owners and future owners, in the whole rezoning area,who will benefit.

According to Shimon Shkury, managing partner with Massey KnakalRealty Services, tells GlobeSt.com that it is unusual for arezoning to proceed without a developer, but not unprecedented"because city and the community would like to know the exactintentions of a developer prior to approving a rezoning." He addsthat there are no disadvantages to this process. "Although therezoning is almost a done deal, the rezoning has to go before CityCouncil and a developer will be chosen before this vote is in.Moreover, Councilwoman Mark-Viverito backs the plan which tells usthe community is behind it." He did say that there are manyadvantages to the process. "The developers who bid on the projectcan structure and tailor this significant transaction as close aspossible to needs of the community and the city," he says. "Also,the developers can effectively project profitability levelandeliminate the uncertainty of the rezoning process, the the City andcommunity ensure that the developers bidding on the project arehighly informed regarding the zoning and community needs and thereis little to no ambiguity there." He adds that "the actualdevelopment process can be expedited once the bidder has beenapproved with one less variables to worry about."