daily menu » rate the banner | guess the city | one on oneforums map | privacy policy | DMCA | news magazine | posting guidelines

Go Back   SkyscraperCity > World Development News Forums > Supertalls

Supertalls Discussions of projects under construction between 300-599m/1,000-1,999ft tall.
» Proposed Supertalls



Global Announcement

As a general reminder, please respect others and respect copyrights. Go here to familiarize yourself with our posting policy.


Reply

 
Thread Tools
Old June 18th, 2014, 02:00 PM   #4101
Eric Offereins
The only way is up
 
Eric Offereins's Avatar
 
Join Date: Jan 2004
Location: Rotterdam
Posts: 68,719
Likes (Received): 28363

Quote:
Originally Posted by spectre000 View Post
They want to rebuild the lost office space. World Trade Centers are supposed to be sites for retail and businesses. Not luxury condos for foreigners looking to hide their assets from their own governments.
But they don't want to fund 3WTC either....
Eric Offereins no está en línea   Reply With Quote

Sponsored Links
Old June 18th, 2014, 08:29 PM   #4102
spectre000
Moderator
 
spectre000's Avatar
 
Join Date: Jul 2008
Location: St. Paul
Posts: 7,906
Likes (Received): 5172

Quote:
Originally Posted by Eric Offereins View Post
But they don't want to fund 3WTC either....
The PA is stretched to the limit financially. I can understand their hesitation. It's a crappy situation. They want it built as much as the rest of us do. But they can only do so much. I hate it, but I accept it.

It will be built eventually. Same goes for 2WTC, and a future 5WTC.
spectre000 no está en línea   Reply With Quote
Old June 18th, 2014, 08:31 PM   #4103
spectre000
Moderator
 
spectre000's Avatar
 
Join Date: Jul 2008
Location: St. Paul
Posts: 7,906
Likes (Received): 5172

Quote:
Originally Posted by WorldTradeCenterKid View Post
well, the original world trade center had a hotel.
A hotel is much different than multi-million dollar apartments IMO.

Besides, the area is surrounded by hotels now. And plenty of new apartments. This site should be office space.
__________________

citybooster liked this post
spectre000 no está en línea   Reply With Quote
Old June 24th, 2014, 12:20 AM   #4104
Ghostface79
Registered User
 
Ghostface79's Avatar
 
Join Date: Jun 2013
Location: NYC
Posts: 1,539
Likes (Received): 4607

http://www.crainsnewyork.com/article...-work-on-3-wtc
Quote:
Deal eyed to restart work on 3 WTC

The Port Authority of New York and New Jersey is considering using $150 million in insurance proceeds to help developer Larry Silverstein finance the construction of his long-stalled tower. A vote, which follows several aborted attempts by the agency to spur construction, is expected at a board meeting Wednesday.

To help finance construction of the planned 80-story tower at 3 World Trade Center, The Port Authority of New York and New Jersey will consider releasing more of the funds paid by the insurers of the original Trade Center after the complex's destruction on 9/11. In a scheduled board meeting Wednesday, the Port Authority's board of commissioners will decide whether to free up roughly $150 million of insurance money that has been held in a reserve fund and convert it into cash that would help developer Larry Silverstein pay for the construction of the 2.5 million-square-foot, $2 billion tower.

The building is presently capped at eight-stories and Mr. Silverstein has raced in recent months to line up private-sector financiers for the project in time to complete a major leasing deal at the building with GroupM, The media company has agreed to lease 20% of the tower's space. Time, however, is running out on that deal.

GroupM has the right to cancel its lease, which is about 515,000 square feet in size, after June 30. The shot of money that is now being looked at by the Port Authority could be seen by the tenant as a key sign of progress that could persuade it to remain patient and give Mr. Silverstein more time to arrange the necessary funds to build the tower.
.....
Mr. Rechler, who has also led efforts to reform the Port after the Bridgegate scandal, changed tack and has focused on helping Mr. Silverstein try to secure private financing instead. The $150 million is being used as a way to hopefully buy Mr. Silverstein more time to raise more than a billion dollars of private money for the tower. The breathing room could come at a fortuitous moment. Leasing downtown has picked up and sentiments about the area's office market are growing more optimistic—progress that may prompt lenders to loosen their purse strings.

Mr. Silverstein, who turned 83 last month, has already spent the roughly $460 million in insurance that was allocated to 3 World Trade Center building its below-ground space and an eight-story podium that now stands at the site. That space is being used for retail, which is not owned by Mr. Silverstein, and also mechanical systems for the PATH hub next door.

The $150 million was originally slated as money for 2 World Trade Center, another office tower that Mr. Silverstein wants to build at the site. In an agreement struck in 2010 between Mr. Silverstein and the Port, that money was transferred over into a reserve fund to cover potential cost overruns for 3 World Trace Center.
__________________
Ghostface79 no está en línea   Reply With Quote
Old June 24th, 2014, 12:26 AM   #4105
weidncol
WTC Enthusiast/Researcher
 
weidncol's Avatar
 
Join Date: Nov 2013
Location: New York, NY
Posts: 2,098
Likes (Received): 4624

Excellent news! I have faith in this vote.
__________________
#Save2WTC
weidncol no está en línea   Reply With Quote
Old June 24th, 2014, 01:33 AM   #4106
1WTC
Registered User
 
Join Date: Jun 2014
Location: New York
Posts: 43
Likes (Received): 25

They better pass that vote. If they don't they're potentially losing GroupM's commitment, which could scare away other companies looking to lease space at the WTC site.
1WTC no está en línea   Reply With Quote
Old June 24th, 2014, 01:37 AM   #4107
weidncol
WTC Enthusiast/Researcher
 
weidncol's Avatar
 
Join Date: Nov 2013
Location: New York, NY
Posts: 2,098
Likes (Received): 4624

Yes, but this time it seems like the PA actually wants to it to start up. I think they are starting to realize how big of a deal losing GroupM would be for the site as a whole.
__________________
#Save2WTC

1WTC liked this post
weidncol no está en línea   Reply With Quote
Old June 24th, 2014, 02:34 AM   #4108
iamtheSTIG
Registered User
 
iamtheSTIG's Avatar
 
Join Date: Jul 2010
Location: Nottingham - The city of Robin Hood
Posts: 4,242
Likes (Received): 4544

Seems to me like they're playing chicken... But good news though!
__________________
Aspiring property developer with major ambitions

Check out my Instagram

Nottingham Interactive Development Map
iamtheSTIG no está en línea   Reply With Quote
Old June 24th, 2014, 03:13 AM   #4109
iiConTr0v3rSYx
Brooklyn Boy
 
iiConTr0v3rSYx's Avatar
 
Join Date: Jan 2013
Location: Brooklyn, New York
Posts: 1,345
Likes (Received): 2924

Quote:
Originally Posted by iamtheSTIG View Post
Seems to me like they're playing chicken... But good news though!
There are no more games after Wednesday.
__________________
Want to take a magical aerial tour of NY?
http://www.youtube.com/watch?v=BBPrNUzk1BA

Check this guy out for Monthly updates on the WTC.
http://www.youtube.com/channel/UCc3yuNST1YhPioYxJtqJWtQ

iamtheSTIG liked this post
iiConTr0v3rSYx no está en línea   Reply With Quote
Old June 24th, 2014, 03:18 AM   #4110
ThatOneGuy
Psst! Check my signature!
 
ThatOneGuy's Avatar
 
Join Date: Jan 2012
Location: Toronto - Bucharest - Freeport
Posts: 21,506

Who's betting this vote will be postponed?
ThatOneGuy está en línea ahora   Reply With Quote
Old June 24th, 2014, 03:20 AM   #4111
weidncol
WTC Enthusiast/Researcher
 
weidncol's Avatar
 
Join Date: Nov 2013
Location: New York, NY
Posts: 2,098
Likes (Received): 4624

If it is postponed, you can bet your ass this tower will be capped.
__________________
#Save2WTC
weidncol no está en línea   Reply With Quote
Old June 24th, 2014, 03:22 AM   #4112
iiConTr0v3rSYx
Brooklyn Boy
 
iiConTr0v3rSYx's Avatar
 
Join Date: Jan 2013
Location: Brooklyn, New York
Posts: 1,345
Likes (Received): 2924

There's isn't time for a postponement, not unless GroupM is commited to 3 WTC.

They're free to back out after June 30. I bet they'll head to Midtown, where they have numerous other spaces.
__________________
Want to take a magical aerial tour of NY?
http://www.youtube.com/watch?v=BBPrNUzk1BA

Check this guy out for Monthly updates on the WTC.
http://www.youtube.com/channel/UCc3yuNST1YhPioYxJtqJWtQ
iiConTr0v3rSYx no está en línea   Reply With Quote
Old June 24th, 2014, 03:56 AM   #4113
anrsbes.charles
Registered User
 
anrsbes.charles's Avatar
 
Join Date: Apr 2012
Location: New York City
Posts: 23
Likes (Received): 19

I wish the Port would get out of the way and privatize the entirety of the WTC.

The BS and red tape would be long gone, and we'd have a gorgeous 2&3 World Trade Center to look at and work in.
anrsbes.charles no está en línea   Reply With Quote
Old June 24th, 2014, 07:01 AM   #4114
LastConformist
Registered User
 
Join Date: Oct 2013
Posts: 195
Likes (Received): 119

Quote:
Originally Posted by anrsbes.charles View Post
I wish the Port would get out of the way and privatize the entirety of the WTC.

The BS and red tape would be long gone, and we'd have a gorgeous 2&3 World Trade Center to look at and work in.
... This comment is not very well-informed, to put it lightly.

2 and 3 WTC are entirely private and free to proceed without interference if Larry Silverstein actually wanted to. But Silverstein is trying to wiggle subsidies out of the Port Authority anyway.
__________________

baseball1992, bodegavendetta liked this post
LastConformist no está en línea   Reply With Quote
Old June 24th, 2014, 07:09 AM   #4115
Vertical_Gotham
Registered User
 
Vertical_Gotham's Avatar
 
Join Date: Mar 2013
Location: New York, NY
Posts: 4,437
Likes (Received): 6488

Odds improve for 3 WTC:

3 WTC gets a boost: Leasing spurt improves Silverstein's chances

http://nypost.com/2014/06/23/3-wtc-g...teins-chances/

[IMG]http://****************.wordpress.com/2014/06/3wtc.jpg?w=720&h=480&crop=1[/IMG]

Quote:
The downtown office market might be coming to the rescue of 3 World Trade Center.
Not that any new leases were signed at Larry Silverstein’s planned, $2.3 billion tower since media firm GroupM inked for 550,000 square feet in December.

Rather, dramatic leasing momentum nearby has created what industry sources say is a more favorable financing environment over the past six weeks.

The new climate makes it more likely that Silverstein can secure a construction loan without the loan guarantee he’s so far failed to wrest from the distracted Port Authority.

The more receptive mood on the part of institutional lenders might matter more than a possible PA move, reported by Crain’s New York Business, to let Silverstein tap $150 million in insurance proceeds to help him build the 80-story 3 WTC, which is stalled at the eight-story “podium” level. The funds had been “lock-boxed” for use only in the event of construction cost overruns.

If the step is approved at a PA board meeting Wednesday, Silverstein would need to borrow slightly less for the project. It also would signal to GroupM, which is antsy over the possible scuttling of the new tower where it planned to move, that progress is being made.

Early this year, PA commissioner Ken Lipper and some journalists put a damper on Silverstein’s plea to the PA by touting a nonexistent office “glut.” Their argument was, why build a new, 2.5 million square-foot skyscraper if buildings nearby were going dark?

In fact, downtown’s availability rate of 13-plus percent was due mainly to the sudden addition of 1.5 million square feet of as-yet-unleased space at just-finished 4 WTC, and still wasn’t much higher than Midtown’s.

And, as we’ve reported, downtown leasing is on fire. Deals recently completed and in the works will lower availability to around 11 percent. Tech firm Media Math has a near-done lease for 120,000 square feet at Silverstein’s 4 WTC. Kids Creative just signed a downtown record, $90-plus per square foot lease at the PA’s and the Durst Organization’s 1 WTC.

At Brookfield Plaza, Time Inc. signed for over 700,000 square feet, and a relocation there by Bank of NY Mellon is near certain. Hudson’s Bay Co. will probably take around 450,000 square feet at Brookfield’s One Liberty Plaza.

But the PA board postponed a vote on Silverstein’s loan-guarantee pitch three times because PA vice-chairman Scott Rechler, a major proponent, didn’t have enough votes to approve it.

A lot is surely going on behind the scenes that’s known only to those privy to the media-insulated, PA-Silverstein hotline. But it would seem pointless, and spiteful, for commissioners to reject letting the developer tap $150 million of his own insurance funds.

For one thing, we’re told, the idea originated not with Silverstein but with PA board members who don’t want 3 WTC to remain an unfinished eyesore.

They’re also wary of losing tens of millions of dollars in additional ground rent Silverstein would pay the agency if 3 WTC is built. Failure to complete the skyscraper would also wipe out tens of thousands of square feet of commitments, which Westfield America controls. That, too would deprive the PA of rent to be paid by Westfield.
The $150 million would not likely be needed for cost overruns, since construction on the project’s retail podium, its most complicated and risky portion, is already completed.

Under a 2010 agreement, the financing structure for 3 WTC called for Silverstein to spend nearly $500 million in insurance money to build the podium. He must still raise $300 million in equity and/or mezzanine debt, a milestone that would trigger a $600 million backstop by the state, city and the PA.

For the remaining needed $1.3 billion, the GroupM lease satisfied a prerequisite for Silverstein to tap Liberty Bond financing.

Liberty Bonds are not a government obligation but tax-exempt bonds sold on the private market. It is that portion of the package that, even with the advantage of offering lenders a higher return, has so far eluded Silverstein.
__________________
-------------------------



Hudson Yards mega development Map: June 2015
http://i.imgur.com/FVrYwpy.jpg
(click again once inside to enlarge the map)

citybooster liked this post
Vertical_Gotham no está en línea   Reply With Quote
Old June 24th, 2014, 07:46 AM   #4116
desertpunk
Whiskey Tango Foxtrot
 
desertpunk's Avatar
 
Join Date: Oct 2009
Location: ELP ~ ABQ
Posts: 55,648
Likes (Received): 53453

The Port Authority is a joke and should get out of the real estate business.
__________________
We are floating in space...

citybooster liked this post
desertpunk no está en línea   Reply With Quote
Old June 24th, 2014, 07:52 AM   #4117
Vertical_Gotham
Registered User
 
Vertical_Gotham's Avatar
 
Join Date: Mar 2013
Location: New York, NY
Posts: 4,437
Likes (Received): 6488

Quote:
Originally Posted by desertpunk View Post
The Port Authority is a joke and should get out of the real estate business.
And...

bailing out NJ budget holes with PA money for non PA projects.

2nd Bridge Inquiry Said to Be Linked to Christie
http://www.nytimes.com/2014/06/24/ny...stie.html?_r=0
__________________
-------------------------



Hudson Yards mega development Map: June 2015
http://i.imgur.com/FVrYwpy.jpg
(click again once inside to enlarge the map)

citybooster, WillBuild, Manitopiaaa liked this post
Vertical_Gotham no está en línea   Reply With Quote
Old June 24th, 2014, 09:32 AM   #4118
citybooster
Registered User
 
Join Date: Jan 2013
Posts: 943
Likes (Received): 509

I'm so fudging pissed at my own Governor Christie for being a major part of what's wrong at the PA with his actions that benefit his interests and not doing the job the PA is supposed to do. All the time wasted with the elephantine transit center(Jersey pushed) and now this.... I just want to see a positive vote Wednesday, which I think will lead to the eventual start up with all this positive business news downtown for WTC 2 after WTC 3 is completed in about 2-3 years. There's NO excuse now for yet another delay or denial.
citybooster no está en línea   Reply With Quote
Old June 24th, 2014, 09:40 AM   #4119
anrsbes.charles
Registered User
 
anrsbes.charles's Avatar
 
Join Date: Apr 2012
Location: New York City
Posts: 23
Likes (Received): 19

Quote:
Originally Posted by citybooster View Post
I'm so fudging pissed at my own Governor Christie for being a major part of what's wrong at the PA with his actions that benefit his interests and not doing the job the PA is supposed to do. All the time wasted with the elephantine transit center(Jersey pushed) and now this.... I just want to see a positive vote Wednesday, which I think will lead to the eventual start up with all this positive business news downtown for WTC 2 after WTC 3 is completed in about 2-3 years. There's NO excuse now for yet another delay or denial.
I completely agree with you!

Unfortunately it's a bi-State agency with additional funding provided by the federal government. On top of that, it's full of committees, and boards, each potentially influenced by politicians from 2 states and the federal government. Because of all that, this is what we must deal with. It's why I said earlier that I wish the port would put the land on the market and privatize the whole thing. I also say that the PA has no business being a landlord in the first place.
__________________

citybooster liked this post
anrsbes.charles no está en línea   Reply With Quote
Old June 24th, 2014, 09:57 PM   #4120
Kanto
Roof height crusader
 
Kanto's Avatar
 
Join Date: Apr 2011
Location: S-4, Papoose Lake
Posts: 5,925
Likes (Received): 3546

I'm not surprised that this is still far from restarting. Larry and the PA have been fighting like mad chicken over this for years. The PA should have told Larry from the beginning "Look, pal, 1WTC is ours, the other towers are your, do with them whatever you want and don't expect anything from us." At least he could have been focusing to get purely private funding from the start. Itps better to know you are on your own than being in an illusion that somebody will help you
__________________
The Outbreak: A free browser online strategy game. Build up your town and compete with other towns economicaly and militarily.
http://www.the-outbreak.com/

1WTC, Tower Dude liked this post
Kanto no está en línea   Reply With Quote


Reply

Tags
new york, silverstein, supertall, world trade center

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Related topics on SkyscraperCity


All times are GMT +2. The time now is 08:03 PM.


Powered by vBulletin® Version 3.8.11 Beta 4
Copyright ©2000 - 2017, vBulletin Solutions Inc.
Feedback Buttons provided by Advanced Post Thanks / Like (Pro) - vBulletin Mods & Addons Copyright © 2017 DragonByte Technologies Ltd.

vBulletin Optimisation provided by vB Optimise (Pro) - vBulletin Mods & Addons Copyright © 2017 DragonByte Technologies Ltd.

SkyscraperCity ☆ In Urbanity We trust ☆ about us | privacy policy | DMCA policy

Hosted by Blacksun, dedicated to this site too!
Forum server management by DaiTengu