Research and evaluation of best practices for capital maintenance budget

Hudson River Park, the second longest waterfront park in the United States, has transformed four miles of decaying piers and parking lots along Manhattan’s West side into a beloved, urban recreational paradise, attracting 17 million visits each year. Managed by the Hudson River Park Trust, the park has grown exponentially over the past decade. With 70% of construction now complete, the park features thirteen reconstructed piers; three boathouses; numerous volleyball, basketball, and tennis courts; and dozens of landscaped areas. In order to plan for the future, the Trust engaged the services of a Capstone team to develop a capital maintenance strategy ensuring the Park will remain in good condition for current and future generations. The team conducted industry research and interviewed members of universities and large real estate holding companies. The team’s final report outlined recommendations and best practices for determining the required maintenance of capital assets.