NEW YORK CITY-Construction on the first building in the HudsonYards development is beginning to take shape after nearly twodecades of planning. This November, the RelatedCos. plans to break ground on the initial 46-story officetower of the project at 501 W. 30^th St. on the Far WestSide, sources told the Wall Street Journal.

According to the WSJ, several lenders have stepped upto fund the 1.7-million-square-foot skyscraper, includingBank of America Corp., which has tentativelycommitted to finance a construction loan of approximately $400million for the tower. In addition, a Middle Easternsovereign-wealth fund agreed to invest with Related and itsCanadian pension plan-backed partner, Oxford PropertiesGroup, on the $1.2 billion office building.

At the same time, a separate article in the New York Post says Related is working toamend the terms of the agreement it has with the MetropolitanTransportation Authority on its 99-year lease for the 26-acrerail yards, in a statement the newspaper obtained from MTA chairmanJoseph Lhota. According to the article, thetower’s first anchor tenant – luxury accessories company, CoachInc., who announced a non-binding 600,000-square-foot deal lastNovember – is reportedly concerned about a delay in the building’sconstruction, which is slated for completion in 2015.