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Old Posted Jun 4, 2012, 9:35 PM
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Join Date: Jul 2001
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A little more on the project...

http://seekingalpha.com/article/3125...ent-transcript

Quote:
Edward V. Piccinich

The site is comprised of 4 distinct building lots on a single block with the Grand Central terminal being our direct neighbor to the east. In order to move forward with our concept of creating a signature tower, we performed a zoning lot merger on the block. The total area following demolition will yield an acre of land to create our footprint to place our state-of-the-art structure in Manhattan..... We've been able to capitalize in a significant amount of revenue by the phased assemblage of the block. Unlike a typical development site, instead of sitting on an empty lot, paying taxes and not generating revenue, we instead have maintained the building's occupancy and collected rent.

As part of the transfer, New York City will require us to perform improvements to MTA's pedestrian circulation. We are giving serious consideration to leveraging this requirement by creating a direct connection to Grand Central terminal. One huge advantage of our location is the proximity to one of the most significant transportation hubs in New York City, providing direct access to Metro-North and subways including the Times Square shuttle, the 4, 5, 6 and 7 trains. We also expect to potentially tie in 2 other ongoing projects; the 2nd Avenue subway, where transfer options are under evaluation, and the east side access, which will link the Long Island Railroad and New Jersey transit to Grand Central. This increase to the site will exponentially enhance the intrinsic value of this particular location. The connection we are considering would be an amenity that would allow someone coming into Grand Central to walk through an underground tunnel beneath Vanderbilt Avenue and arrive at our proposed building without ever having to step a foot outside.

So what's next? Some of the prestigious properties are considered as inspiration prior to us engaging a world-class architect, including the Burj in Dubai, Mori Tower in Tokyo, the ICC Tower in Hong Kong, the World Financial Center in Shanghai and the Petronas Towers.

I began building my itinerary and scheduling appointments to visit the buildings in order to perform full inspections of each of these properties. With each being revered for its own brand of uniqueness in terms of infrastructure, technology, environmental, sustainability, I felt I would be missing out if I didn't lay my eyes on all these modern marvels of wonder. So to fully appreciate the pioneering design and engineering features, I went to the Burj in Dubai where I had the opportunity to personally visit the spectacular gem. Upon my return from Dubai, my creative juices started flowing. I could begin even picturing each of my inspirations clearly. Although each have their own aesthetic, I imagine how the lines and the curves of these designs would make a huge impact on the city's skyline. I've thought about how great it would be to construct one of these behemoths, The Tower over Grand Central Terminal. So I reboarded back to [ph] my recent trip, and my upcoming itinerary to complete my tour of the remaining 4 buildings, which would take me out back to the Middle East and Asia.

...the final product will, of course, have to take into consideration such things as zoning, landmarks and community considerations. We expect our new tower will be more of a balance between these dynamic designs and something more traditional in keeping with the surrounding area, nothing Amanda Burton, City Planning or others would find objectionable. The ultimate end product will determine our analysis of market demand and our decision of what would be most ideal for the area, whether it be office, hotel, residential or mixed use. Evaluating our options at this point will allow us to construct a building that's best suited to leverage this prime location.
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