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Yesterday, New York’s Metropolitan Transportation Authority (MTA) contracted a joint venture of Related Cos. and Oxford Properties Group to develop the Hudson Yards into a mixed-use community that will include 12 million square feet of commercial and residential space.

The pact calls for the MTA to lease the site to the joint venture for 99 years and includes purchase options. The joint venture will provide $1 billion for MTA capital projects, MTA officials said in a prepared statement.

The pact calls for the developer to construct a deck over the portion of the yards currently used by MTA Long Island Rail Road, without interrupting the railroad's service. The plan would create a 26-acre sustainable mixed-use neighborhood that would include 12 acres of public open space, cultural amenities, a new public school, and housing and commercial space.