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Old April 22nd, 2014, 12:36 AM   #3841
Hudson11
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Quote:
Originally Posted by weidncol View Post
I think the PA will be more obligated to build this now since there is potential retail tenants lined up.
the retail tenants will occupy bottom floors already constructed.
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Old April 22nd, 2014, 12:49 AM   #3842
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Yes, but Westfield already said they won't use the retail at Tower 3 until it is fully built.
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Old April 22nd, 2014, 06:00 AM   #3843
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Seems like Silverstein will be on his own this time. Wonder if he has a plan B.

World Trade Center Third Tower Finance Plan May Not Have Support
http://stream.wsj.com/story/latest-h...es/SS-2-63399/

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A commissioner on the board of the Port Authority of New York and New Jersey said Monday that he believed an agency plan to aid the rise of a third World Trade Center office tower didn’t have enough support to pass a vote.

Kenneth Lipper, who has been an outspoken critic of the plan, said Monday he was “highly confident” the new financing package would fail if it comes up for a vote at the Port Authority’s board meeting Wednesday, as expected. The plan—which would back $1.2 billion in financing on developer Larry Silverstein’s 3 World Trade Center, a $2.3 billion tower—is supported by the agency’s staff and vice chairman of the board of commissioners, Scott Rechler.

“I don’t believe it will have the support,” Mr. Lipper said after a meeting of the Port Authority’s special oversight committee at its Manhattan offices. He didn’t specify how many commissioners would likely vote “no” other than himself.

In a later email, Mr. Lipper added: “I am highly confident, to use an old Wall Street expression, that if the [3 World Trade Center] resolution ever comes to a vote, it will be defeated. Once that reality becomes apparent, I hope the proposal will graciously fade away through eternal postponement of any vote.”

Representatives of the Port Authority and Silverstein Properties Inc. didn’t immediately respond to requests for comment.

If the Port Authority’s board rejects the proposal it would be a highly unusual rebuke for the agency’s leadership. Traditionally, commissioners don’t publicly debate proposals and measures almost always pass with unanimous votes.

Then again, there is often negotiation that goes on behind the scenes before votes by the board, and agency staff often quells initial opposition before contentious votes.

Delays could mean trouble for Mr. Silverstein, given that he signed a lease with advertising firm GroupM that requires he start moving forward with the tower in the first half of this year, according to multiple people familiar with the agreement. It is unlikely Mr. Silverstein will be able to move ahead with the tower without the Port Authority’s revised financing package, Port Authority officials have said.

A GroupM spokesman declined to comment.

The proposal—a restructuring of a 2010 deal—has stirred unrest among some on the board partly because of long-running tensions about the agency’s continued role in financing the rebuilding of the World Trade Center. It has committed billions toward infrastructure at the site, and gradually has assumed a financial role in two towers. It is building One World Trade Center and is backing the financing on 4 World Trade Center.

Mr. Silverstein and the agency said the a third tower would help complete the 16-acre site and, if successful, would benefit the agency with fees and rents. In addition, the government already agreed to support the rise of 3 World Trade with a prior deal from 2010, as multiple government agencies committed $390 million in initial debt service coverage on a $1.4 billion loan and $210 million in direct aid.

But Mr. Lipper and critics of the deal say the agency has been distracted for too many years by the site away from its mission of transportation—the agency’s executive director has previously called it “mission drift”—and in the case of 3 World Trade Center, the market should dictate its completion.

The deal under question would change the $390 million into the guarantee on a $1.2 billion loan—in a less risky position than the $1.4 billion, but significantly more money—and give the agency the right to foreclose.
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Old April 22nd, 2014, 06:07 AM   #3844
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Sounds like Mr. Lipper just doesn't want the WTC to be complete...
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Old April 22nd, 2014, 06:09 AM   #3845
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The amount of incompetence is just staggering. I feel like this project will never be complete
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Old April 22nd, 2014, 06:31 AM   #3846
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Quote:
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The amount of incompetence is just staggering. I feel like this project will never be complete
It will. The problem with this is the PA funding an empty tower. Look at the original WTC and even the ESB, both opened nearly empty. The case shouldn't be repeated again with this much office space.

I think they'll be a turn around when 1 and 4 open and the Transportation Hud allow better access downtown.

Now, If only Silverstein could add residential......
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Old April 22nd, 2014, 01:14 PM   #3847
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Looks like chances for the PA investing in better infrastructure are increasing, then.
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Old April 22nd, 2014, 01:21 PM   #3848
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Quote:
Originally Posted by weidncol View Post
Sounds like Mr. Lipper just doesn't want the WTC to be complete...
His attitude is questionable at least.
But I'm not convinced that the PA should vote for it.
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Old April 22nd, 2014, 06:19 PM   #3849
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More progress on scaffolding around the core.

(Click for larger image)
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Old April 22nd, 2014, 08:42 PM   #3850
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Part of the reason that Mr. Silverstein does not have sufficient funding is because of all of the restrictions placed on construction at the site by various governmental agencies. If he could've built what he wanted to build how he wanted to build it all the towers would be built already! The PA or some other government agency needs to provide funding because they were the source of the increased costs.
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Old April 22nd, 2014, 10:03 PM   #3851
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Although I think Silverstein can fund this on his own via the traditional route, I expect this to pass despite all the negative publicity the PA has been getting. You can bank on it.
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Old April 22nd, 2014, 10:11 PM   #3852
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Not sure how the vote will turn out but I don't see any scenario where this tower won't be moving forward, and looking at the activity on 3wtc's roof, I doubt this guys are out there for nothing. I'm sure we'll find out soon enough.

Last edited by Ghostface79; April 23rd, 2014 at 08:17 AM.
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Old April 22nd, 2014, 10:15 PM   #3853
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Makes you wonder what the hell good is Silverstein if he can't bypass all these government "restrictions." It also makes you think what the hell good was that original 2006 agreement where Silverstein was to build Towers 2, 3, & 4 and the PA was to build Towers 1, 5, the 9/11 memorial & museum, Vehicular Security Center, etc. The only thing Silverstein is good for as far as the PA is concerned is paying them millions in rent yearly for an incomplete complex/construction site.
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Old April 22nd, 2014, 10:46 PM   #3854
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The PA and other regional government agencies need to get the hell out of this process... I'm a New Jersey resident and I'm embarrassed just how much politics has really screwed up this whole development for years. New Jersey pushed for the humongous train station below that has sharply inhibited progress and costs a ton... we could have had a very nice one in its own right that wasn't so extravagant, so unnecessarily expansive... how many at best we will be getting per day as compared to Grand Central Station and Penn Station?

Hopefully there will be enough support needed to keep things on track, and the hacks there should just stay out of things and do as little harm as possible until somebody gets the guts to dramatically reshape and reform the mission of the PA away from real estate.
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Old April 23rd, 2014, 12:52 AM   #3855
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Now politicians are getting involved.

http://www.crainsnewyork.com/article...ight-for-3-wtc
Quote:
Powerful pols urge green light for 3 WTC

With opposition mounting to a proposal that the Port Authority of New York and New Jersey pony up millions in guarantees to permit the construction of a third tower at the World Trade Center site, state Assembly Speaker Sheldon Silver and others urge a yes vote.

In a last ditch push to encourage executives at the Port Authority of New York and New Jersey to approve a financing deal Wednesday that will permit the construction of 3 World Trade Center, one of the state's most powerful political figures has issued a letter in support of the plan.
Assembly Speaker Sheldon Silver (D., Manhattan), sent letters to the Port Authority Executive Director Pat Foye in recent days, as well as governors Andrew Cuomo and Chris Christie, who control the bi-state agency, and Port Authority board members. Mr. Silver urged all to back the new tower.
"We are writing to urge the Port Authority to approve the financing agreement that will allow the construction of 3 World Trade Center to continue," Mr. Silver wrote. "This would be a historic achievement that would bring us one step closer to fulfilling our shared goal to rebuild the heart of the downtown business district, which was destroyed on 9/11."
Mr. Silver co-authored the letter with Councilwoman Margaret Chin, whose district encompasses the downtown area. State senator Daniel Squadron also signed the letter.
Mr. Silver's plea was sent last week, just when support for the tower deal appeared to begin faltering as the vote approached. The Port Authority's nine-member board of commissioners is set to vote on the plan at a board meeting on Wednesday. Scott Rechler, the authority's vice chairman and a board member, has championed the financing plan as a way to finish the World Trade Center site and also allow the Port Authority to collect greater rental income from the site and about $130 million in proceeds from selling the new tower's retail space. Commissioner Kenneth Lipper, has opposed the financing as inappropriate for an agency that should be focusing on its mission of transportation-related projects including possible renovations at the Port Authority Bus Terminal.
Mr. Silver recognized that additional income in his letter in support of the deal.
"Construction of 3 WTC will bring the Port Authority more than $500 million in additional revenue over 15 years," Mr. Silver wrote.
The proposed deal is structured so that the Port Authority gives 3 World Trade Center's developer Larry Silverstein a larger financial guarantee, totaling about $1.2 billion, allowing Mr. Silverstein to secure a construction loan for the project. But concerns have emerged that building the roughly 2.5 million-square-foot 3 World Trade Center could create a glut of space downtown.
Mr. Rechler has minimized that risk, stating that the Port Authority would be in a better position under the new financing deal to foreclose on the building if Mr. Silverstein defaulted on his debts at the site for roughly half its value.
"If we were to get 3 World Trade Center at that value, it would be very easy for us to make that building a financial success," Mr. Rechler said in a conversation with Crain's in recent weeks.
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Old April 23rd, 2014, 12:57 AM   #3856
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Argh, stupid page turn
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Old April 23rd, 2014, 05:07 AM   #3857
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The message resonates... Port Authority, "GET ON WITH IT!"
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Old April 23rd, 2014, 07:25 AM   #3858
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Basically every article out there discussing the issue of tomorrow's vote is in favor for the tower to go up. This being the latest http://nypost.com/2014/04/22/why-3-w...ust-rise-high/

Everyone wants it up and if the PA is smart they will vote yes, however we know they aren't so who knows what's going to happen. I'm cautiously optimistic they will vote yes...they can get this out of the way and get on with it. Silverstein is on his own with 2WTC but the PA made a deal with this Tower and should keep on it. This site needs to get done already. I know myself and most that live and or work in the area and then rest of the city in general just wants this site done already..
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Old April 23rd, 2014, 08:13 AM   #3859
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Recent photos show that there is activity on the roof and people seem to think that its prep work for resuming so maybe Silverstein was already informed that the vote will be in his favor.
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Old April 23rd, 2014, 09:31 AM   #3860
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I'm crossing my fingers, toes, and everything I've got.
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