The City Council voted to approve the redevelopment of the Grand Hyatt Hotel at 175 Park Avenue in Midtown. Plans call for the construction of a 2.1-million-square-foot building featuring a new 500-room hotel, offices, retail, and 25,000 square feet of publicly accessible terraces.

Additionally, co-developers TF Cornerstone and RXR Realty will accompany the project with hundreds of millions of dollars in new transportation infrastructure - including improvements to Grand Central Terminal, a new subway entrance on 42nd Street, and other public realm improvements.

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