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Old May 11th, 2014, 06:16 AM   #3941
Manitopiaaa
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Quote:
Originally Posted by Eric Offereins View Post
I can't imagine removing the spires will be a significant cost saving.
Maybe they can scrap 3 of the spires, save some money, and put the remaining spire in the middle ala New York Times Building. They save money, we keep the same height and everyone is happy. Doesn't look as good tho
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Old May 11th, 2014, 03:58 PM   #3942
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Quote:
Originally Posted by Manitopiaaa View Post
Maybe they can scrap 3 of the spires, save some money, and put the remaining spire in the middle ala New York Times Building. They save money, we keep the same height and everyone is happy. Doesn't look as good tho
That would look horrible
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Old May 11th, 2014, 11:56 PM   #3943
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I agree. We'll see what happens.
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Old May 12th, 2014, 12:43 AM   #3944
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on hold???.....
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Old May 12th, 2014, 01:03 AM   #3945
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It has been on hold for the past two years... lol
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Old May 12th, 2014, 01:40 AM   #3946
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There's still work being done internally and even externally, it's just not rising.
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Old May 13th, 2014, 04:30 AM   #3947
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This is what happens when you have schmucks like the PA running the show. You get delayed, over budget results like this. They have been bickering with Silverstein on the future of these Towers for years. They couldn't get their shit together in 2008 & and they still can't get their shit together in 2014. If this was any other site where no loss of life occurred I would say take your time, like the Hudson Yards complex. However, this is the WTC. I understand they don't want empty Towers but that will likely be the case. Eventually it will get filled up. As long as the office space is U/C or completed, tenants will be interested. They have the money to do this so why not just get it done already, enough with the damn delays. After all, it is us, the toll payers who are funding all this. If only this was 1970 again and Guy Tozzoli & Austin J. Tobin were alive making decisions. Ah, those were the days......
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Old May 13th, 2014, 01:36 PM   #3948
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True and if there is no confidence in the market, why should the PA fund this?
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Old May 13th, 2014, 02:28 PM   #3949
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Office glut fears dim in dynamic downtown
http://nypost.com/2014/05/12/office-...amic-downtown/

[IMG]http://****************.wordpress.com/2014/05/3wtc.jpg?w=720&h=480&crop=1[/IMG]
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Old May 13th, 2014, 09:16 PM   #3950
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Quote:
Originally Posted by droneriot View Post
Quote:
Originally Posted by NewYorker2009 View Post
If this was any other site ...

If this was any other site, Silverstein would have to come up with the funding. But it is the WTC, and he's shamelessly using that fact to mooch every penny he can.
If this was any other site they wouldn't of been a huge amount of interference from outside forces such as the PA, NYPD, city and state governments, etc. that slowed and modified the design of the structure. It would have been finished 5 years ago if these forces hadn't interfered!! Those factors have greatly increased the cost of the building, without them Silverstein could have easily financed the construction.
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Old May 13th, 2014, 10:24 PM   #3951
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Why would the US fund buildings that are going to be built by Silverstein? Obviously if they were going to be built by the state of New York then the US could fund whatever it wanted, doesn't make sense. If your building a house, and you can't afford it, is the US government going to fund the rest for you? No doesnt make any sense.
As I understand it the rational behind state money helping to fund these buildings has to do with the extra cost involved with removing debris and human remains from the site. There were also extra costs involved because of added regulations that required the buildings to be stronger than they normally would be in case of a future attack. Besides those issues I imagine some of the funding was just about the psychological effect of seeing that space filled with something great.
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Old May 14th, 2014, 03:16 AM   #3952
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If this was any other site, Silverstein would have to come up with the funding. But it is the WTC, and he's shamelessly using that fact to mooch every penny he can.
Well IMO that is exactly what Silverstein should do, come up with his own financing. He shamelessly uses the fact that the PA still owns the land, and he is just a leaseholder, therefore he only has to pay rent to the PA and nothing more. He figures since the PA owns the site and also happens to be a government agency, that they would finance his towers. It just displeases me that he gets on TV acting all committed to getting things done when he is part of the problem. Why propose a master plan such as this and not come up with a way to finance it? All the Towers should have been completed by now. It's a national disgrace. If anyone wants to object be my guest. Look how fast Tower 7 opened. It's a combination of both the PA and Silverstein for the cause of delays. I'm sure Tower 3 will get built, hopefully the full 1,171'. As for Tower 2, the chances of it getting built within this decade are slim.
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Old May 15th, 2014, 01:16 AM   #3953
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Originally Posted by NewYorker2009 View Post
Well IMO that is exactly what Silverstein should do, come up with his own financing. He shamelessly uses the fact that the PA still owns the land, and he is just a leaseholder, therefore he only has to pay rent to the PA and nothing more. He figures since the PA owns the site and also happens to be a government agency, that they would finance his towers. It just displeases me that he gets on TV acting all committed to getting things done when he is part of the problem. Why propose a master plan such as this and not come up with a way to finance it? All the Towers should have been completed by now. It's a national disgrace. If anyone wants to object be my guest. Look how fast Tower 7 opened. It's a combination of both the PA and Silverstein for the cause of delays. I'm sure Tower 3 will get built, hopefully the full 1,171'. As for Tower 2, the chances of it getting built within this decade are slim.
I appreciate your point, but the deal with GroupM is too fragile and decisive to sacrifice in the name of humbling Larry Silverstein. The tower isn't merely a monument to his legacy; it's a project that is cherished by the neighborhood as a whole.

Also, the Port Authority's guarantee of Larry's loan actually benefits them in the long run because the office tower generates money: cold hard cash that they will hold in their palms one day.
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Old May 15th, 2014, 06:58 AM   #3954
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The tower better be built. Without this tower, the scar will remain on the face of Lower Manhattan -- the big gap between 1 and 4.
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Old May 15th, 2014, 03:21 PM   #3955
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There already is a 550,000 square foot mall underground developed by Westfield...
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Old May 15th, 2014, 11:14 PM   #3956
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Originally Posted by Enigmatism415 View Post
I appreciate your point, but the deal with GroupM is too fragile and decisive to sacrifice in the name of humbling Larry Silverstein. The tower isn't merely a monument to his legacy; it's a project that is cherished by the neighborhood as a whole.

Also, the Port Authority's guarantee of Larry's loan actually benefits them in the long run because the office tower generates money: cold hard cash that they will hold in their palms one day.
GroupM's not a very big leasee in the grand scheme of things; less than 20% of the one building. Yes, they were the only committed company, but if the building wasn't filled, it wouldn't matter.

Also, the Port Authority gets paid rent by Silverstein regardless of whether anything gets built. Silverstein gets all of the profits from the building, less what he owes in rent. The guarantee would have given some profits to the Port Authority, but it's obvious given the lack of tenants that this isn't going to be a profitable project as it stands.

Which goes back to the stupid pride reflected by some many of here that demanded building new commercial towers. New commercial development in downtown was a terrible, terrible mistake, and this building should have been residential. Not the only mistake--the NYPD's ludicrous security demands were also a grave error--but one of the biggest ones holding back completion of a new development. The Time Warner Center was a perfect model.
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Old May 16th, 2014, 03:19 AM   #3957
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Agreed. There's no way in hell I'd live there. It's just too weird to even think about.
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Old May 16th, 2014, 03:20 AM   #3958
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I think he was saying that because currently, Manhattan is going through a resdiental boom. There's more of a demand for residential than extra commercial office towers.
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Old May 16th, 2014, 03:38 AM   #3959
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Developer Stalls, Looks to Port Authority on 3 World Trade
By: Jon Weinstein 05/14/2014 10:26 PM
As the September 11th Memorial Museum marks its debut, the development at the World Trade site is hitting some stumbling blocks, especially when it comes to one building. NY1's Jon Weinstein filed the following report.

One World Trade Center is nearing completion, and the office buildings known as 4 World Trade and 7 World Trade are open for business. What’s happening at 3 World Trade Center, however, remains a major question mark.

Right now, construction is stalled at 8 stories and developer Larry Silverstein wants the Port Authority to pony up $1.2 billion in loan guarantees or he says he can't move forward.

"There are so many benefits to the Port, so many financial benefits to the Port that come into place as a result of doing this deal. It makes sense for them to do it, so they want to get it done," says Silverstein.

Not everyone sees it that way though.

Some members say its time to end the subsidies for commercial buildings and for Silverstein. They want to refocus on the Authority’s core mission of transportation infrastructure, especially in light of the Bridgegate scandal.

Some have said Silverstein should put more of his own money into this. But he points to the billions he's given the Authority from his 9/11 insurance settlement and says he's risked a lot.

"Skin in the game? There's a ton of skin in the game all over this place, and very significant skin. In addition, we've only been at this 13 years trying to get this thing done. So it's been a long haul, but we're confident at this point," Silverstein says.

Silverstein says they’ve already signed up one anchor tenant for 3 World Trade: advertising firm GroupM.

With millions of square feet in office space available at other buildings in the area, including on the World Trade Center Site, though, filling another building is a concern for many on the Port Authority board who worry the public’s money is at risk.

Silverstein says this new deal protects against that.

"If you build a good quality office building, with good mass transit, in a good location with space that people can use, it's gonna rent," he says.

The next chance for a vote on the 3 World Trade Center proposal is the next Port Authority Board Meeting. That is on May 28.
This might be it.
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Old May 16th, 2014, 01:26 PM   #3960
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Fingers crossed....
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