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Old April 24th, 2014, 06:48 AM   #3881
StrongIsland
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Unless you live and or work in the city especially around the site like myself, you would understand the dire need and want for us to get this and the rest of the site built already. The PA needs to vote yes. This site will not attract tenants if it remains in the state it's in and having a huge ugly stump that WONT be filled with retail because Westfield won't lease out the space without the tower being complete is even worse and there's more money the PA will lose. Just get the damn thing built and move on...I don't care Larry is on his own with Tower 2...as long as this goes up then essentially 2/3 of the site would be complete.
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Old April 24th, 2014, 07:01 AM   #3882
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Unless you live and or work in the city especially around the site like myself, you would understand the dire need and want for us to get this and the rest of the site built already. The PA needs to vote yes. This site will not attract tenants if it remains in the state it's in and having a huge ugly stump that WONT be filled with retail because Westfield won't lease out the space without the tower being complete is even worse and there's more money the PA will lose. Just get the damn thing built and move on...I don't care Larry is on his own with Tower 2...as long as this goes up then essentially 2/3 of the site would be complete.
I literally walk through this site twice a day every single day via the WTC PATH station. Yes, it needs to be finished--but the right way to do that is to stand up to Larry Silverstein, not let him delay the project again so he can get more handouts. Next time it will be over re-starting 2 WTC--or maybe even over finishing 3 WTC if it goes over budget. Really the Port Authority should have kicked him out when they had the chance, but now they need to treat him harshly. He has the funds, he has the ability to get the loans, he'd just rather the government do it for him. And why not, if they'll just roll over! This project will get done *faster* if the Port Authority votes No now and ends his nonsense than if they vote Yes and let the nonsense and mooching continue.
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Old April 24th, 2014, 09:46 AM   #3883
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There should be a demonstration in the streets.
There basically already has been one. By construction workers.

http://www.nbcnewyork.com/news/local...256429401.html
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Old April 24th, 2014, 03:27 PM   #3884
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I literally walk through this site twice a day every single day via the WTC PATH station. Yes, it needs to be finished--but the right way to do that is to stand up to Larry Silverstein, not let him delay the project again so he can get more handouts. Next time it will be over re-starting 2 WTC--or maybe even over finishing 3 WTC if it goes over budget. Really the Port Authority should have kicked him out when they had the chance, but now they need to treat him harshly. He has the funds, he has the ability to get the loans, he'd just rather the government do it for him. And why not, if they'll just roll over! This project will get done *faster* if the Port Authority votes No now and ends his nonsense than if they vote Yes and let the nonsense and mooching continue.
Honestly, at this point I can careless who gets free handouts and who pays for what as long as it gets done. It's sickening after all these years that this is what we have to show for it, and honestly maybe they shouldn't have gone with such an elaborate overly expensive master plan. This site is nonsense to begin with but that's a different discussion for a different thread. You really think if the PA says no that will drive Larry to get it done faster? How do we know he has the funds to do this? I'm sure if he did he would have tower 2 going as well and even if he does like I said I don't care which one of them pays for it...they both are incompetent idiots. They would have avoided all of this if they simply just rebuild what was there before but it obviously wasn't meant to be..

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Old April 24th, 2014, 07:05 PM   #3885
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Originally Posted by LastConformist View Post
A No vote is deserved. The Port Authority needs to call Silverstein's bluff for once. It wouldn't scuttle the deal at all; Silverstein is perfectly capable of funding the site without the Port Authority. He's just learned that he can get away with demanding more and more from the Port Authority for free. If the Port Authority says no this time, that will end his gamesmanship to try to wiggle more concessions from the public, and construction will move forward faster than when he occasionally unilaterally stops the construction process in order to whine about needing more aid and gets everyone worked up at the Port Authority for supposedly being the ones stalling.
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Thank you, LastConformist. I'm glad I'm not the only one who thinks that way. If Silverstein had his way he'd get the entire complex built for free.
You 2 don't have any idea what the truth of this action is. The PA is not going to give Silverstein any money even if they pass the resolution. All they will be doing is basically cosign his loan for approximately 50% of the building. Even in the worst case that he defaults they will end up doing the building for 50% of its value so no matter what happens they will come out ahead. Also, if 3 WTC is built they will get significant monthly rent payments from Silverstein, if is not built they won't get them. It's definitely a win-win for the PA!

Obviously, it's also a win-win for the citizens of New York because they won't be left with an unoccupied stub of a building blighting the landscape of downtown Manhattan.
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Old April 24th, 2014, 07:08 PM   #3886
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You 2 don't have any idea what the truth of this action is. The PA is not going to give Silverstein any money even if they pass the resolution. All they will be doing is basically cosign his loan for approximately 50% of the building. Even in the worst case that he defaults they will end up doing the building for 50% of its value so no matter what happens they will come out ahead. Also, if 3 WTC is built they will get significant monthly rent payments from Silverstein, if is not built they won't get them. It's definitely a win-win for the PA!

Obviously, it's also a win-win for the citizens of New York because they won't be left with an unoccupied stub of a building blighting the landscape of downtown Manhattan.
Guaranteeing loans is worth a lot of money--or else why would Silverstein bother to request it?
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Old April 24th, 2014, 09:21 PM   #3887
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Let em' moan.

For me Richard Rogers' firm is the greatest ever and as such so will be this tower since it's such an important site and all of the firms for each tower know that they can only give their best. Even the Maki tower is going to shock people as it goes up.
This building wouldn't look out of place in London... Really do like this one, very International in style (if that makes any sense)
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Old April 24th, 2014, 11:51 PM   #3888
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https://www.youtube.com/watch?v=D7OpU4wbNdo
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Old April 30th, 2014, 05:24 PM   #3889
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Port Authority eyes Big Equity Stake in 3 WTC
http://www.crainsnewyork.com/article...take-in-3-wtc#
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Old April 30th, 2014, 05:45 PM   #3890
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I feel as though this would really help sway the naysayers on he PA board commission to build this, especially with the other incentives they would be getting.
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Old April 30th, 2014, 06:01 PM   #3891
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Here's hoping that's the case. On the flip side, insisting on an equity stake might cause Silverstein to back out. We've already seen that he's unwilling to sacrifice his own capital to make this tower happen, so I can see a scenario in which he'd let the tower sit unbuilt rather than make less than the maximum profit off of it. Hope I'm wrong though...
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Old April 30th, 2014, 08:54 PM   #3892
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Originally Posted by Vertical_Gotham View Post
Port Authority eyes Big Equity Stake in 3 WTC
http://www.crainsnewyork.com/article...take-in-3-wtc#
So the PA becomes a real estate company?
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Old May 1st, 2014, 12:11 AM   #3893
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So the PA becomes a real estate company?
Well they already own 1WTC. Plus they owned the original WTC complex.

And they still own all the land that Silverstein's towers sit on.
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Old May 1st, 2014, 12:47 AM   #3894
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If Silverstein agrees, I actually see this as good news for Tower 2. This deal will relieve the burden and exposure for Silverstein to build Tower 3. Even if he partners up with this tower he will stand to make a lot. It's in Silverstein's interest to have all tower up because built or not he is paying the PA annually with a boat loads of money plus he is not getting any younger.

Once tower 3 goes vertical again, Silverstein can solely focus on 2WTC securing an anchor and build this sucker via the traditional way of financing. Here's the kicker.. PA for 2WTC would be totally standing in the sidelines with this one without a say.
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Old May 1st, 2014, 01:50 PM   #3895
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Well they already own 1WTC. Plus they owned the original WTC complex.

And they still own all the land that Silverstein's towers sit on.
Thanks. So at least they don't have to cross that line.
Interesting that a stakeholdership is acceptable and a loan not.
Either way, the go ahead of 3WTC is very important for the entire WTC project.
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Old May 1st, 2014, 11:32 PM   #3896
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http://therealdeal.com/issues_articl...neup-revealed/

World Trade Center’s retail line-up revealed
With deadlines approaching and retailers grumbling about key design element, TRD uncovers most comprehensive list of likely tenants in mega mall





May 01, 2014
By Adam Pincus

Quote:
As the city waits for the new World Trade Center development to open and begin pulsing with office workers, tourists and residents, big egos are clashing behind the scenes over what stores will occupy the massive retail complex.

Brokers told The Real Deal they expected Westfield Group’s 365,000-square-foot, multi-level mall in Lower Manhattan to be a success. But with deadlines nearing, the project is pushing to recruit more high-end tenants, even as some retailers have balked at being underground or expressed concern about a key design feature of the retail space.

The jewel of the massive retail project is a spiny, ethereal-looking Santiago Calatrava–designed structure that will undoubtedly become an iconic addition to the Lower Manhattan landscape. The retail complex includes aboveground space, but the majority of the shopping will be below street level at the 16-acre site.

“I have heard some European retailers don’t want to be underground,” said Robert Gibson, a vice chairman at commercial firm JLL. Nevertheless, “I think it will be very successful.”

To help drum up interest among posh stores, Vogue editor-in-chief Anna Wintour has reportedly been using her status as the grand dame of luxury fashion to convince designers to take space at the project. Sources told TRD that Wintour — whose parent company Condé Nast will be anchoring the office component of 1 World Trade Center — has been making calls and joining tours to convince retailers to sign on for space. Vogue declined to comment.


Despite Wintour’s endorsement, insiders say that some high-end retailers are not biting.

Computer and iPhone giant Apple — which is expected to take space in the project — was frustrated by the giant “ribs,” or columns, that Calatrava included throughout the underground portion of the site. The arching structures are spaced roughly 11 feet apart along the front portion of each store, which has put off some retailers who want to use that space for signage, branding or product display, sources said.

Apple even sought a design variance, but was turned down, said one retail source, who asked not to be identified.

“Do you think [fashion designer] Karl Lagerfeld will be ok with playing second fiddle to an architect?” another retail insider said. “It is all about clashing egos. Those brands [that object to the columns] are not going to open a flagship Downtown and have Santiago Calatrava’s ribs obstructing the view.”


This month, TRD assembled the most comprehensive-to-date list of tenants expected to take space at the project. We also obtained maps of the full retail complex indicating where retailers are likely to plant their flags.

Westfield has been involved in the center since it signed a 99-year lease in July 2001 to control what was then called the Mall at the World Trade Center (see related story on page 62). Analysts expect the new retail space to bring in $2,000 per square foot or more annually, well above the $900 per foot the predecessor mall took in, and putting it among the top-grossing malls in the world.

While brokers said Westfield would not have a problem filling the space, questions remain about what type of tenant mix the project will ultimately achieve, and how much money it will generate for its owner. The firm is currently assembling what insiders say is a solid group of tenants. But so far, brokers said, it lacks the depth of luxury brands amassed by the neighboring Brookfield Place. Still, it remains to be seen how critical luxury tenants are for the project.

Ultimately, Westfield’s goal is for the mall to be “relevant” and a destination in the same way Soho is, said a person familiar with the marketing plans, who noted that the firm wants to draw New Yorkers, tourists and commuters into the complex.

In addition, some said, the tenants at the World Trade Center and at Brookfield Place may actually help one another.

“Collectively, [Westfield and Brookfield] have got to have a broad array of stores, and not every one is going to be a luxury brand. Not everyone can afford a Brioni suit,” said Richard Hodos, an executive vice president of retail at CBRE Group. “The fact that Westfield is going to have some moderately priced tenants is not a bad thing.”


Quote:
Westfield, a public company, has said it expects to have 150 brands at the World Trade Center site mall.

TRD identified approximately 60 tenants that have signed leases, inked letters of intent or are in late negotiations with Westfield. In addition, the magazine also uncovered the location they’re expected to take in the project.


.....The retail complex has four main shopping areas. The first is above ground in 3 World Trade and 4 World Trade along Church Street. But the heart of the retail complex will be Calatrava’s so-called “Oculus,” a two-level, oval-shaped shopping gallery. Two bi-level concourses, one dubbed the West Gallery, and the other called the South Gallery, will branch off of the Oculus.

As TRD reported last month, designer Tom Ford, jeweler Tiffany & Co., and one of the Giorgio Armani fashion brands are expected to take three of the project’s four street-level stores. Tom Ford is likely to take a two-level space in the base of 4 World Trade, and Tiffany and Armani are expected to take two-level locations in the base of 3 World Trade, next door. All three sites have frontage on Church Street.

But some sources told TRD that not all retailers are comfortable with the non-World Trade Center tenants — including Burger King and discount clothing store Century 21 — that are near the project’s street-level space. While the neighborhood is rapidly changing, typically luxury brands do not want to be near brands outside of their peer group.

.....Despite all of the tenants that have signed on, brokers say that on the whole, Westfield has lost the luxury battle with Brookfield Place, which landed a slightly wider range of high-end tenants, including Burberry, Salvatore Ferragamo, Hermès and Diane von Furstenberg.

Yet late last month, a retail source told TRD that Westfield may have high-end designer Prada lined up, so no one is counting Westfield out.

The project’s distinct architecture alone is expected to draw droves of tourists into the building, even though the columns that are part of that design are turning off some retailers. A few have pointed out the irony that above ground, the office-leasing brokers are selling the World Trade Center towers as engineering marvels that are nearly column-free.

Several tenant brokers said their clients have balked at the columns, but Westfield has attempted to counter that by showing tenants potential store designs that are not impeded by the columns and that allow them to effectively brand their spaces.
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Old May 7th, 2014, 03:14 AM   #3897
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Christie, Cuomo form Port Authority reform panel

Christie, Cuomo form Port Authority reform panel

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NEWARK, N.J. (AP) — New Jersey Gov. Chris Christie and New York Gov. Andrew Cuomo added their voices Tuesday to those seeking to reform the beleaguered Port Authority of New York and New Jersey, telling the bistate agency that they are forming a panel to take a hard look at its mission, structure, operations and governance.

The two governors sent a letter notifying the Port Authority that the panel will be composed of two sitting or nominated Port Authority commissioners from each state, plus one representative from each governor's office.

New Jersey's representatives will be John Degnan, recently nominated by Christie to be Port Authority chairman; current commissioner Richard Bagger and Christopher Porrino, the governor's counsel.

Representing New York will be current Port Authority vice chairman Scott Rechler; Cuomo counsel Mylan Denerstein and a Port Authority commissioner to be named.

The Port Authority has been buffeted recently over the lane-closing scandal at the George Washington Bridge, allegations of conflicts of interest and the resignations of several top officials. It also has come under criticism for considering plans to commit more than $1 billion as a loan guarantee to back developer Larry Silverstein's plan to rebuild 3 World Trade Center.

The trade center issue has revealed a split between Port Authority board members over whether the agency's mission should include real estate development, in addition to its core mission of operating the New York area's major transportation facilities.


Christie and Cuomo said in the letter that the panel would meet "as soon as reasonably possible" and would submit a report with recommendations within two months.
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Old May 7th, 2014, 02:00 PM   #3898
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Christie, Cuomo form Port Authority reform panel
So what is their view on this matter?
We will probably see no decision before the report has been issued, I guess.
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Old May 7th, 2014, 10:05 PM   #3899
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skip post. Beautiful tower that will rise soon.
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Old May 7th, 2014, 10:06 PM   #3900
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Second SE rafter is off again; but the N "keystone" is back in. The PA giveth, and the PA taketh away.

During this arguement, workers have been slowly erecting scaffolding around 3 WTC's core.
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