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Old February 5th, 2014, 02:54 AM   #3621
CCs77
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Quote:
Originally Posted by iiConTr0v3rSYx View Post
Agreed.

I understand the frustration, but people on here are beginning to feel as if they're entitled to something.

The last thing we need is empty office towers in the heart of downtown.
Isn't it better half-empty-completed towers in the heart of Downtown instead of half-build-stalled towers in the heart of Downtown?

I agree that they should have at least a major tenant, but they should build them even if they are 70% empty at the beggining.
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Old February 5th, 2014, 10:44 PM   #3622
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Quote:
Originally Posted by CCs77 View Post
Isn't it better half-empty-completed towers in the heart of Downtown instead of half-build-stalled towers in the heart of Downtown?

I agree that they should have at least a major tenant, but they should build them even if they are 70% empty at the beggining.
Yes. All 4 towers, the transportation hub, and the memorial/museum should have been completed years ago as a matter of national pride. If that meant building the office space mostly on spec, that's what should have been done. Why? Because I can see why potential tenants are not flocking to rent in an area that promises (based on progress so far) to be under construction for another decade or more when there are so many attractive options elsewhere - particularly in Midtown. It's inconvenient and unsightly for employees to have to come to work every day for years in a construction zone.

Build it and they will come. Waiting for tenants to sign before beginning construction simply prolongs the process and really doesn't save any money because the construction costs in five years will be higher than they are now.
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Old February 5th, 2014, 10:55 PM   #3623
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that national pride would cost billions and mess up the office market.
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Old February 6th, 2014, 12:28 AM   #3624
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that national pride would cost billions and mess up the office market.
The original WTC buildings were near-empty for over a decade. The cost of construction is irrelevant, since they will cost the same to build later as earlier. (They should actually cost more to build later, but that would be counterbalanced by the time value of money.) The only added cost to building earlier is the cost of having empty buildings vs. the cost of having empty lots, i.e., just the routine maintenance of buildings, which is very small in the scheme of things, maybe a million bucks a year.

The reason Silverstein is delaying isn't because it would be more expensive for him to build the buildings now rather than later. He's delaying because (i) he will cut his losses and not build the buildings at all ever if tenants don't materialize within the next few years and (ii) lenders won't lend to build a tenant-less building, not a problem if you have government bonds to back the project.
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Old February 6th, 2014, 01:22 AM   #3625
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Quote:
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that national pride would cost billions and mess up the office market.
He's right. Anyone else in the real estate / office space business would be forced to lower their prices immediately, and could lead to losses. As much as I'd love an office in 2WTC, I'm not about to advocate for the gov't manipulating the market for it.
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Old February 6th, 2014, 06:52 PM   #3626
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I dunno. Isn't the first rule of the market - SELL. And wouldn't the space sell more quickly if the building were up?
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Old February 7th, 2014, 01:51 PM   #3627
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Ya but, but the train of thought in the US at present is, "What will make the most money short term?!?!" It's the reason why so many great and useful plans are cutdown and/or thwarted.
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Old February 13th, 2014, 01:51 PM   #3628
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Old February 13th, 2014, 10:44 PM   #3629
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Arrgh! This building is the biggest tease. It's like a fully-clothed stripper who's only gotten around to taking her scarf off. I hope they get around to finishing this sometime this decade!
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Old February 13th, 2014, 11:11 PM   #3630
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at least, we can see a part of cladding....
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Old February 14th, 2014, 04:51 AM   #3631
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Why cant they give tower 2 the same treatment?
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Old February 14th, 2014, 05:12 AM   #3632
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I believe the base of Tower 3 holds a main entrance to the underground Transport hub, which is why they built it up to this point. I don't think Tower 2 has one.
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Old February 14th, 2014, 05:18 AM   #3633
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They are both required for the infrastructure of Transit Hub, which is why 2 WTC has all that mechanical stuff making the outline of the tower. As to why they didn't build the podium like 3 WTC, I don't know.
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Old February 14th, 2014, 09:06 AM   #3634
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Quote:
Originally Posted by anrsbes.charles View Post
He's right. Anyone else in the real estate / office space business would be forced to lower their prices immediately, and could lead to losses. As much as I'd love an office in 2WTC, I'm not about to advocate for the gov't manipulating the market for it.
Poor already rich real estate companies ... Oh wait a minute ... no ... they don't always DESERVE to make as much money as they want so maybe their wallets need to take a back seat.
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Old February 19th, 2014, 10:50 PM   #3635
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So, they announced in January that vertical construction is about to resume.
Now we're here, heading towards late February and there still isn't anything going on.
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Old February 20th, 2014, 12:17 AM   #3636
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So, they announced in January that vertical construction is about to resume.
Now we're here, heading towards late February and there still isn't anything going on.
I don't remember them ever saying definitively when construction would resume. But it sounds like Silverstein is either going to need some restructuring of the public financing or more space leased before construction can restart. So sadly it looks like it's going to be awhile longer.
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Old February 20th, 2014, 07:41 AM   #3637
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Someone on skyscraper page said they knew someone who worked for the company that had the steel contract and that work would resume this summer and someone else said steel is coming and contractors were selected...take that as you will.
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Old February 20th, 2014, 11:18 PM   #3638
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Some clearing of the snow on 3 WTC has begun, perhaps some prep?

(Click for larger image)
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Old February 20th, 2014, 11:22 PM   #3639
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Omg, that looks like it! WOW! I'm excited!!!
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Old February 20th, 2014, 11:31 PM   #3640
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Vertical construction soon!
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