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  #181  
Old Posted Feb 3, 2007, 7:59 PM
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  #182  
Old Posted Feb 3, 2007, 9:21 PM
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Well, at least the towering cranes that will soar into the sky with the tower, will be brought in and set up later this month.

That is another sure sign that the tower is being built and should put an end to the whining and crying from others for the former towers to be built!
     
     
  #183  
Old Posted Feb 5, 2007, 12:34 PM
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NY Post

PRICE OF FREEDOM HITS TOWERING $3B

By TOM TOPOUSIS
February 5, 2007

The cost of the Freedom Tower has soared to $3 billion, according to the Port Authority's latest estimates.

Construction costs for the 1,776-foot tower have been pegged at $2.478 billion, up from the $2.2 billion estimate for steel, concrete, glass and labor projected last spring.

But the latest tally included in the Port Authority's capital budget includes an additional $507 million for "nonconstruction" costs that include security at the site, integrity monitors to keep an eye on contractors, the cost of selling bonds to finance the project, marketing the office space and fitting it out for tenants, The Post has learned.


Adding all the costs, the price tag for the Freedom Tower budgeted by the bistate agency is $3 billion - making it not just the tallest building in the city, but also the most expensive.

By comparison, a new state-of-the-art headquarters for Goldman Sachs under construction at a site directly across West Street from the Freedom Tower is expected to cost about $2.3 billion.

"The Port Authority's capital plan publicly accounts for every dime of spending on all our building projects over the next 10 years, including the Freedom Tower," said agency spokesman Steve Sigmund.

"During that period, the building has long-term soft costs, like brokers and marketing fees, tenant fit-outs, responsible contingencies and security, which go beyond hard construction costs."

Sigmund said the price tag will be offset by $900 million in insurance funds and about $1 billion in Liberty Bonds. The remainder of the cost will have to be recouped through rents charged for the 2.6 million square feet of office space after the tower is complete in 2011.

Contributing to the project's cost is the roughly $500 million to build an 80-foot-tall substructure in the Trade Center's "bathtub," atop of which the tower will be built.


The latest construction costs are a key factor that Gov. Spitzer said he will use to determine whether the massive tower should be built as designed. He has said he would balance cost against the projected revenue from rents.

So far, federal agencies have issued letters of intent to occupy nearly 1 million square feet in the tower. New York state has also agreed to lease about 400,000 square feet. And the PA has been in talks with the Chinese real-estate firm Vantone to lease another 1 million square feet.

Construction of the Freedom Tower's base is under way, and bids for nearly half of the project's construction have been put out.

The PA's capital budget includes a total of $8 billion to be spent at the World Trade Center, including the Freedom Tower, the transportation hub, the memorial, retail malls and site infrastructure.
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  #184  
Old Posted Feb 5, 2007, 5:28 PM
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I'm not sure that $3 billion for a towering building like the FT compares so unfavorably to $2.3 billion for a rather non-descript building of mediocre height like the Goldman Sachs...
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  #185  
Old Posted Feb 5, 2007, 7:16 PM
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You have to figure that the construction and security cost increases are also going to figure into everything at the site. Its more headline than real news.
     
     
  #186  
Old Posted Feb 5, 2007, 8:10 PM
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They're talking about it as if the FT is the only project ever that experiences costs such as the ones they list.
     
     
  #187  
Old Posted Feb 5, 2007, 8:23 PM
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For those New York staters; what is the chance of Spitzer actually scaling back the Freedom Tower? Would he really have such a lack of foresight?
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  #188  
Old Posted Feb 5, 2007, 8:33 PM
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Quote:
Originally Posted by wong21fr View Post
For those New York staters; what is the chance of Spitzer actually scaling back the Freedom Tower? Would he really have such a lack of foresight?
How on earth would they ever scale this thing back? Didn't that article say that the Feds and PA already have 1.4 of the 2.6 million Sqft leased already and that they are negotiating leasing out another 1 million to a Chinese company? I would think that 2.4 of 2.6 million Sqft is a pretty good occupancy rate...
     
     
  #189  
Old Posted Feb 5, 2007, 9:00 PM
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Originally Posted by CoolCzech View Post
I'm not sure that $3 billion for a towering building like the FT compares so unfavorably to $2.3 billion for a rather non-descript building of mediocre height like the Goldman Sachs...
But keep in mind that with the Goldman Sachs, that's being built to order - meaning that pricetag includes all expenses related to outfitting the trading floors and all interior spaces, inflating the price way up past what it'd normally cost for a 40-something floor spec development.
     
     
  #190  
Old Posted Feb 5, 2007, 11:41 PM
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Originally Posted by tonyo View Post
Its more headline than real news.
Correct. But every step of the Freedom Tower is being documented, more so than even the other WTC towers will be. I don't think they'll be as scrutinized by the media, especially since they have yet to get any "catchy" names.
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  #191  
Old Posted Feb 5, 2007, 11:44 PM
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Originally Posted by Nowhereman1280 View Post
How on earth would they ever scale this thing back? Didn't that article say that the Feds and PA already have 1.4 of the 2.6 million Sqft leased already and that they are negotiating leasing out another 1 million to a Chinese company? I would think that 2.4 of 2.6 million Sqft is a pretty good occupancy rate...

They're not going to scale it back. Spitzer always said he was going to "look into" the cost of the tower and the deals put together. But he has repeatedly said there was very little that could be done at this point to change the tower.

Also, don't forget that this building is part broadcast tower. The broadcasters originally wanted 2,000 ft. or more.
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  #192  
Old Posted Feb 6, 2007, 1:46 AM
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People can criticize Pataki all they want, but if Spitzer was in office I have little doubt that this disgrace is what will have been built:

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  #193  
Old Posted Feb 6, 2007, 2:25 AM
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i agree strern ^
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  #194  
Old Posted Feb 6, 2007, 3:08 AM
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I never understood how that THINK proposal got as far as it did in the competition. To me it screams "misuse of taxpayer dollars."

I always liked the United Architects plan.
     
     
  #195  
Old Posted Feb 6, 2007, 5:40 AM
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Quote:
Originally Posted by STERNyc View Post
People can criticize Pataki all they want, but if Spitzer was in office I have little doubt that this disgrace is what will have been built:



I don't think Silverstien would have allowed this digusting pile of junk to be built, since the main goal is to put back the same amount of office space that was lost.

And you know that the relatives didn't want it either because it reminded them too much of the former Twins and 09-11.

But yes, I figured that the construction cost for the Freedom Tower would soon go up.
     
     
  #196  
Old Posted Feb 6, 2007, 6:25 AM
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Fitting for Paris:



Fitting for New York:



I think people forget how gigantic these buildings really are, primarily because they are so big. There's no sense of scale, but place 4 WTC in LA and it would eat up its skyline, place any of the other towers in any other American city other than Chicago and New York and it would completely devour it. One thing that I'm looking forward to the most is the awe-inspiring vistas these monoliths will provide looking through the concrete canyons of lower Manhattan.
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  #197  
Old Posted Feb 6, 2007, 12:50 PM
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Quote:
Originally Posted by STERNyc View Post
People can criticize Pataki all they want, but if Spitzer was in office I have little doubt that this disgrace is what will have been built:


That's hard to say. Would there even have been a Lower Manhattan Development Corporation? That was Pataki's baby, his way of keeping (presumed mayoral winner) Mark Green's hands off the pot.

But Spitzer meddling at this point would just be a continuation of Pataki's errors. I don't think he'll want to do that. In fact, he said he wants to speed things up, even though things are already moving according to plan now.
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  #198  
Old Posted Feb 6, 2007, 1:02 PM
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Originally Posted by Daquan13 View Post
I don't think Silverstien would have allowed this digusting pile of junk to be built, since the main goal is to put back the same amount of office space that was lost.
Silverstein wouldn't have been responsible for building those towers, that's what always gets lost. The office space was to surround those towers, which were to stand above the footprints.

That plan was flawed from the beginning because all of the participants were told not to touch the memorial quadrant - although nobody listened.

Foster's plan for rebuilt, redesigned "twin" towers would have been best. You satisfy a large portion of the "rebuild the towers" crowd, and you satisfy the "build taller & better" crowd. It was a win-win. Basically, all Childs would have had to do was put the antenna platform on the revised tower at 1764 ft instead of 1776 ft. And the antennas would have rose to the planned 2000 or 2100 ft.
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  #199  
Old Posted Feb 6, 2007, 1:03 PM
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And I think that the last thing that ANYONE wants is a continuation of Pataki's ways and errors. That needs to be buried and become a dead issue.

The Freedom Tower, along with the rest of the things for Ground Zero were stalled long enough. No more of this game-playing and finger-pointing should be allowed to happen!

Last edited by Daquan13; Nov 24, 2007 at 10:48 AM.
     
     
  #200  
Old Posted Feb 6, 2007, 5:34 PM
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Originally Posted by NYguy View Post
Foster's plan for rebuilt, redesigned "twin" towers would have been best. You satisfy a large portion of the "rebuild the towers" crowd, and you satisfy the "build taller & better" crowd.
I believe that NYC will receive a new version of the WTC Towers, similar to Fosters WTC proposal at Vornado's new MSG site in Midtown. (Lets hope anyway!)



     
     
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