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Ground breaking for Hudson Yards project

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New York City is breaking ground on a new neighborhood for Manhattan.

A ceremony was held Tuesday at Hudson Yards. The 26-acre site on Manhattan's west side is the planned home for a new business district.

Mayor Michael Bloomberg calls it "the future of New York City."

The area is bounded by 10th and 12th avenues and West 30th and 33rd streets. It's currently old Hudson rail storage yards, with warehouses and low-rent brownstones.

Developer Stephen Ross compares it to the Empire State Building, Lincoln Center, Rockefeller Center and other iconic developments.

Those connected to the Hudson Yards plan envision millions of square feet of office space and housing, as well as a riverfront park and a cultural center.

The first building isn't expected to open until 2015.

The Associated Press contributed to this report.

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