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Old March 6th, 2010, 02:28 AM   #141
spectre000
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The redesign could mean anything. A few less floors, a simpler base and lobby. I'm betting the PA just wants a cheaper tower. The condition that Silverstein has to land a 500k sq ft tenant before they back stop the financing could be very tricky though. We'll see what happens on the 12th.
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Old March 6th, 2010, 03:33 AM   #142
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Originally Posted by Msradell View Post
Maybe....
Certainly don't know what Silverstein thinks of this offer. It sounds like it may be a good deal for the PA but not so good for him. This may be just another smoke screen they're putting up to look good. The redesign will not only be another expense but also will delay things further, something the PA wants but nobody else does.
The Port Authority was initially demanding $625 million from Silverstein up front so reducing their demands by more than half has certainly got Larry's attention. If he wants two more towers, this may be the best deal on the table....
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Old March 9th, 2010, 02:11 AM   #143
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http://www.crainsnewyork.com/article...ATE/100309884#

March 08, 2010 3:19 PM
Construction workers to rally at Ground Zero
Demonstration comes as arbitrator's Friday deadline nears for Port Authority and Larry Silverstein to finally settle their long-running differences.

by Theresa Agovino

"Thousands of unionized construction workers, plus a few elected officials, are expected to hold a rally Tuesday to pressure the two sides warring over rebuilding part of Ground Zero to reach an agreement."
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Old March 10th, 2010, 10:49 PM   #144
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Heres some videos i found on youtube of the rally


http://www.youtube.com/watch?v=n9Gkj...layer_embedded


http://www.youtube.com/watch?v=3H_lW...layer_embedded
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Old March 26th, 2010, 12:49 AM   #145
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DEAL NEAR! LOOKS LIKE A GO!

http://gothamist.com/2010/03/25/port...n_agree_to.php
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Old March 26th, 2010, 12:52 AM   #146
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This is wonderful news. 3 of the 4 towers will be rising. Hopefully, the economy will recover in a few years and T2 will be built within 5 years too.
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Old March 26th, 2010, 01:16 AM   #147
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I hope construction can start by the end of the summer.


From wtcprogress.com, JOINT STATEMENT ON WORLD TRADE CENTER DEVELOPMENT PLAN
Date: Mar 25, 2010


"Tower 3: The immediate construction of the Tower 3 transit and retail podium, with the construction of the office tower to follow so long as Silverstein Properties hits the following private-market triggers: (1) Raises $300 million of private unsupported equity, (2) Pre-leases 400,000 square feet of the office tower, and (3) Obtains private financing for the remaining cost of the tower without a full public backstop. To help Silverstein Properties obtain this private financing without a full public backstop, it would receive a capped public backstop of $390 million from the Port Authority, New York State and New York City, together with $210 million of equity from the City and the State of New York, with each public entity's contribution limited to a total of $200 million. Any payments under the backstop would be reimbursed by Silverstein Properties and the public sector entities would also have a future Tower 3 capital events participation. The City's contribution is to be paid for using foregone revenues that will not be collected if the tower does not go forward. Until the public backstop is removed, Silverstein Properties would not be entitled to take profits out of Tower 3."

Last edited by spectre000; March 26th, 2010 at 01:23 AM. Reason: added update
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Old March 26th, 2010, 07:01 PM   #148
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wait a moment... if silverstein can't lease 20% of the tower's office space (400,000 sq ft / 2,000,000 sq ft) they will stop building it after the lower levels are done (= stopping at street level) so it's not a hole. this could very well mean that WTC3 will face the same fate as WTC2 - putting it on hold for quite a long time.
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Old March 26th, 2010, 08:52 PM   #149
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400,000 sq ft isn't an insurmontable amount of office space. It'll get leased. NYC has around 360 million sq ft of office space. Leases expire all the time. Won't be a snap, but it's doable.
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Old March 27th, 2010, 02:33 PM   #150
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Quote:
Heal the World Trade Center

Port Authority and Silverstein reach delayed deal for redevelopment

by Matt Chaban

Zero reality check. Yesterday, the Port Authority and Silverstein Properties reached their latest redevelopment agreement, following an acrimonious year of discussions. The deal will bring the developer hundreds of millions of dollars in public backing to bolster Silverstein’s ability to find private financing for Towers 2 and 3, though the public monies are also contingent on such outside financing. Meanwhile, Silverstein will move forward on construction of the towers’ below grade portions and, if nothing else, the pedestal for Tower 3, as further delays would slow progress throughout the site, where the infrastructure is highly interdependent. “This is a very complex enterprise—it is a tightly constructed puzzle where a lot of pieces have to fit together,” Mayor Michael Bloomberg said at a press conference announcing the deal. “Now instead of an expensive, time-consuming re-design of this intricate job, they can get right to work.”

The latest round of problems began just as construction at the World Trade Center was actually picking up steam. With previous agreements about phasing and funding from 2006 underway, the collapse of the real estate market and the city’s economy with it has made it almost impossible for Silverstein to find lending for his three towers along a restored Greenwich Street. The developer began demanding last year that the Port Authority back financing for the two outstanding towers at the same time it was running out of money.

Because so much infrastructure was located in the towers, including for Santiago Calatrava’s swooping PATH station, Silverstein had a good deal of leverage over the Port Authority, though the agency previously refused to do more than underwrite Tower 3. Summits were held at Gracie Mansion, Silverstein even entered into arbitration to try and reach an agreement. A big part of the dispute was projected office vacancies and the impact millions of square feet of commercial space might have on downtown.

The Port Authority argued that it did not want to be on the hook if the buildings remained empty. At the same time, Silverstein found itself in a conundrum because the developer was still required to make million dollar lease payments on properties that some brokerages predicted to lie fallow for decades to come.

Both sides said this new agreement finally relieved the pressure each was facing as a result of prior agreements and market demands. “We have reached a new atmosphere of cooperation and coordination between the Port Authority and Silverstein Properties,” Governor David Patterson said.

“This agreement serves the interests of the public sector to ensure the rents will be market rate and it protects the public’s money.”

The current deal will potentially cost the city, state, and Port Authority $200 million apiece, though the hope remains that a mix of equity stakes and loan backstops will create confidence in the private sector to make the necessary loans for Tower 3. To even access the money, Silverstein must raise $300 million in private investments and pre-lease 400,000 square feet in the tower. If this succeeds, the developer will have access to $130 million from the city and $80 million from the state as an equity stake in the tower. The remaining money is loan guarantees, with $70 million from the city, $120 million from the state, and $200 million from the Port Authority.

Janno Lieber, President of World Trade Center Properties for Silverstein, said he expects the private sector will respond favorably to this support, and the building will be completed by 2015, two years after Fumihiko Maki’s Tower 4 and SOM's Tower 1 (aka the Freedom Tower). “We’re going to let the marketplace decide that, but I think there is demand,” he said.

Should the project not find funding, Silverstein will still be required to complete the tower up through the first few floors, which will house much of the utilities for the PATH station. The timeline for Tower 2 has been pushed back indefinitely, though the developer is now required to at least complete it up through the ground level.

One area that was not on the table during the cost-cutting phases was the architecture. Asked whether Silverstein had considered pairing back the designs to save money, as has happened on projects like the Atlantic Yards arena, Leiber said no. “The Richard Rogers tower for Tower 3 is the building we’re going to execute,” Lieber said. “And when we get to Tower 2, it is are expectation that that will still be the work of Norman Foster.”

In closing the press conference, the mayor declared, “It’s a great day for New York. We’re finally going to fill that whole in the ground.”
http://www.archpaper.com/e-board_rev.asp?News_ID=4371
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Old March 29th, 2010, 03:39 AM   #151
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Hope it starts to get constructed soon!
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Old March 31st, 2010, 12:29 AM   #152
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When might we see the first concrete and steel for the foundation begin?


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Old March 31st, 2010, 09:26 AM   #153
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Probably later this year.
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Old April 14th, 2010, 10:51 PM   #154
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Probably later this year.
I sure hope so, otherwise I'd have go all the way to NYC and kick Silverstein and the PA in the butt!
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Old April 15th, 2010, 02:06 AM   #155
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Originally Posted by kenersej View Post
I sure hope so, otherwise I'd have go all the way to NYC and kick Silverstein and the PA in the butt!
Don't wait till the end of the year to do that. Please.
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Old April 30th, 2010, 09:43 AM   #156
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Don't wait till the end of the year to do that. Please.
Well said
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Old April 30th, 2010, 12:40 PM   #157
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It will be a lot of government funding going into this tower, but they will profit if it becomes a success.
Goot to hear that my favourite of the 4 will go UC soon.
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Old May 1st, 2010, 07:39 AM   #158
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¡¡Congratulation for NYC!!
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Old May 4th, 2010, 02:34 AM   #159
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http://www.tribecatrib.com/news/2010...de-center.html

TOWER 3


A financing agreement finally reached last month in the long-running dispute between the Port Authority and Silverstein Properties has moved plans closer to reality for this 78-story tower at the corner of Church and Cortlandt Streets.

Still, there are some big “ifs” in the agreement and the future of the building remains uncertain.

The Port Authority, New York City and New York State each agreed to contribute $200 million in public money to guarantee construction loans, if Silverstein can raise $300 million on his own for the project. And he must first lease about 400,000 square feet of the tower—about one-fifth its total space—at $60 a square foot.

In the meantime, the Port Authority has said it will help Silverstein move forward with construction of the tower’s underground foundation, a process that Silverstein officials say will take about 18 months.

The company now predicts that the 1,137-foot building, designed by Lord Richard Rogers will be completed in 2015. Its original target date was 2012.

If construction of the tower reaches street level without Silverstein having met its agreed-upon benchmarks, the company has said it will build at least the first few floors of retail and utility space to accommodate mechanical equipment for the Port Authority’s transportation hub.
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Old May 4th, 2010, 02:37 AM   #160
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Yay! a whole 5 years from now..
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