NEW YORK | 175 Greenwich St. | 1,079 FT | 80 FLOORS

[FMIII]

Originally Posted by NYguy

All of the towers, minus the Freedom tower, will have a retail base. As far as construction of the base goes, steel will start arriving in May. Who says it will take a couple of months to complete the base?

Thanks for your clarification NYGuy. Nobody said it would take a couple of months to complete the base, but me. I said it in a figurative manner to emphasize the meaningless of the PA's 2013 deadline. They have already planned for a while the slowdown of the construction timetable (eg: steel will arrive in May...) So, we are already witnessing a (slow motion) total halt of the project.. therefore, the PA should quit mentioning any meaningless deadlines.

[NYguy]

Originally Posted by FMIII

I said it in a figurative manner to emphasize the meaningless of the PA's 2013 deadline.

The deadline is Silverstein's. The portion of the building he can build without assistance from the PA and the City is will be completed by then.
He'll have to stop for the time being if he hasn't leased 400,000 sf of space by then.



February 3, 2012

[FMIII]

Originally Posted by NYguy

The deadline is Silverstein's. The portion of the building he can build without assistance from the PA and the City is will be completed by then.
He'll have to stop for the time being if he hasn't leased 400,000 sf of space by then.

Nice of them to give him one more year (two from now) to finish a seven floors building...

But now, I understand the difference , even though I guess that the PA didn't have any other choices. Who would like to see an unfinished concrete core standing on the site until Silverstein finds a major tenant?

Nice pictures by the way (as usual)

[NYguy]

Originally Posted by FMIII

Nice of them to give him one more year (two from now) to finish a seven floors building...

That's how long it takes. If the building were on a course for full construction, it would still take that long to complete the base, even as steel reached higher into the sky. The Freedom Tower is nearly topped out, and the base is nowhere near complete.

[cadiomals]

When Silverstein finds a tenant (which I'm optimistic he will) can the completed retail podium still function as construction of the tower goes on above it?

[FMIII]

Originally Posted by NYguy

That's how long it takes. If the building were on a course for full construction, it would still take that long to complete the base, even as steel reached higher into the sky. The Freedom Tower is nearly topped out, and the base is nowhere near complete.

I agree that if the building were on a course for full construction, it would take that long to complete the base. But when you go for a seven floors retail podium it doesn't take two years to finish the base, for the base is the building itself...
As for T1, we perfectly know that if its base didn't have to respect very constraining safety measures, it would already be partially finished (eg: engineers have had to redesign the cladding right in the middle of the construction process)

Silverstein and the PA are just giving themselves more time on this project, which is fully understandable given the economic situation. T1 has brought the PA to its knees, and T4 has drained Silverstein out of money. But it has nothing to do with deadlines or technical constraints (something you are perfectly aware of ).

[NYguy]

^ Maybe you haven't been following construction in New York for a while. Silverstein isn't just "giving himself more time" on the project. There are costs associated with construction as well. The Port Authority would like all construction issues at the site completed as soon as possible, as the agency once again looks to step away from the real estate business.

Originally Posted by cadiomals

When Silverstein finds a tenant (which I'm optimistic he will) can the completed retail podium still function as construction of the tower goes on above it?

Those were issues that first came up when the possibility of building "stumps" came into focus. It was mentioned that there probably wouldn't be any long term leases for the "stumps", but I'm sure they have worked out that particular issue.

[FMIII]

Originally Posted by NYguy

^ Maybe you haven't been following construction in New York for a while. Silverstein isn't just "giving himself more time" on the project. There are costs associated with construction as well. The Port Authority would like all construction issues at the site completed as soon as possible, as the agency once again looks to step away from the real estate business.

I would never pretend to have your knowledge on this particular issue.

I also do understand that the PA wants to step away from the real estate business. The WTC's rebuilding has drained all its resources and has jeopardized some of its projects elsewhere.

My point of view on T3 is that neither the PA nor Silverstein are in a hurry to achieve the retail podium: they want to build the tower and nothing else. Hence they are slowly building the base while looking for a major tenant.

So you are right, they don't give themselves more time, it's the situation which forces them to do that.

[NYguy]

Originally Posted by FMIII

My point of view on T3 is that neither the PA nor Silverstein are in a hurry to achieve the retail podium: they want to build the tower and nothing else. Hence they are slowly building the base while looking for a major tenant. So you are right, they don't give themselves more time, it's the situation which forces them to do that.

The PA wan'ts all WTC related business completed as soon as possible. It's the reason construction on towers 2 and 3 had to begin in the first place.


http://www.reuters.com/article/2012/...8D8IHD20120208

Retail deal for NY's World Trade Center advances

Feb 8, 2012

The board of the Port Authority of New York and New Jersey will be presented on Thursday with a $1.25 billion joint venture deal for Australian developer Westfield Group to lease around 364,000 square feet of retail space at the World Trade Center, according to sources familiar with the matter.

"The buildings are being built...the leasing process can now start," said one of the sources, who requested anonymity.

The Port Authority and Westfield had first announced a letter of intent in 2008, but there was little progress until an agreement in principal was announced last summer.

[CalibratedZeus]

Originally Posted by NYguy

Retail deal for NY's World Trade Center advances

The board of the Port Authority of New York and New Jersey will be presented on Thursday with a $1.25 billion joint venture deal for Australian developer Westfield Group to lease around 364,000 square feet of retail space at the World Trade Center, according to sources familiar with the matter.

"The buildings are being built...the leasing process can now start," said one of the sources, who requested anonymity.

The Port Authority and Westfield had first announced a letter of intent in 2008, but there was little progress until an agreement in principal was announced last summer.

I read that far too quickly the first go around and thought it referred to the building itself, and not just the pedestal retail shops.

Still good news, maybe with the retail shops getting leased out some tenants for the actual buildings will start to come forward and this can get built...

[Zapatan]

Don't they only need 400K SF leased or something like that to start tower 3? That should not be hard, especially over the next two years there could be more than that in demand, possibly raising the tower back up to 1170 feet, ok now I'm dreaming but maybe not.

[1Boston]

Originally Posted by NYguy

http://www.reuters.com/article/2012/...8D8IHD20120208

Retail deal for NY's World Trade Center advances
The board of the Port Authority of New York and New Jersey will be presented on Thursday with a $1.25 billion joint venture deal for Australian developer Westfield Group to lease around 364,000 square feet of retail space at the World Trade Center, according to sources familiar with the matter.

"The buildings are being built...the leasing process can now start," said one of the sources, who requested anonymity.

The Port Authority and Westfield had first announced a letter of intent in 2008, but there was little progress until an agreement in principal was announced last summer.

Feb 8, 2012

Does that mean any wtc tower or specifically tower 3? And would it be possible for them to lower the leasing space requirement down to 364,000 if they don't get any more leases by the end of the year, or is the 400,00 set in stone?

[NYguy]

^ It will include more whent tower 2 comes online...



http://www.globest.com/news/12_282/n...l/-318557.html

Port Authority Board OKs WTC Westfield Retail Deal

By Jacqueline Hlavenka
Feb 9, 2012

The board of directors of the Port Authority of New York & New Jersey ratified a $1.2-billion contract with Australian-based retail firm Westfield for 455,000 square feet of retail at the 16-acre World Trade Center site at a public meeting on Feb. 9. The venture builds upon a deal signed last summer that gives Westfield the right to develop and lease 365,000 square feet of retail space on the site and an additional 90,000 square feet of retail once Two World Trade Center is complete, as previously reported by the New York Post.

Prior to 9/11, Westfield had net leased the World Trade Center retail components, which consisted of 427,000 square feet of space at the Twin Towers. In December 2003, to accelerate the rebuilding at the site, the Port Authority acquired the retail net lease from Westfield. After a letter of intent was signed in 2008, the Port Authority agreed to provide approximately $825 million toward the project and Westfield agreed to approximately $625 million.

http://www.panynj.gov/press-room/pre...adLine_id=1532

WORLD-CLASS RETAIL COMING TO WORLD TRADE CENTER UNDER JOINT VENTURE BETWEEN
PORT AUTHORITY & WESTFIELD GROUP

Date: Feb 09, 2012

The agreement, which represents the largest private sector investment of new equity to date at the site, marks the return of Westfield to the World Trade Center. Westfield will invest $612.5 million for a 50 percent share of the joint venture, with additional potential earn-outs for the Port Authority.

The retail space currently includes approximately 365,000 square feet of leasable space spread across multiple levels including the new World Trade Center Transportation Hub, with concourses that will connect throughout all portions of the site. It will have a major street level presence along Church Street, Cortland Way and Dey Street and above grade in Tower 3 and Tower 4. An additional 90,000 square feet of retail space will be added when Tower 2 is developed in the future. The grand opening of the retail complex is expected in 2015.

[cityenthusiast]

Originally Posted by Zapatan

Don't they only need 400K SF leased or something like that to start tower 3? That should not be hard, especially over the next two years there could be more than that in demand, possibly raising the tower back up to 1170 feet, ok now I'm dreaming but maybe not.

Do you know how much the height was decreased? That really sucks

[hunser]

http://www.lowermanhattan.info/const...wer_91861.aspx

The following information was last updated on February 9, 2012.

Sub-grade steel superstructure work active since April 2011; crane on site
Erecting forms, rebar, and concrete placement for decks and walls
Utilities installation
The tower's lower podium will reach full seven-story height in spring 2012

[FMIII]

Originally Posted by cityenthusiast

Do you know how much the height was decreased? That really sucks

At first, I thought the same. But the good point is that now (well in the future) T1 and and especially T2 will more dominate T3 (and T4). Instead of a stairway effect, we will have two sets of tower. The shortened T3 will help to give a better feeling of the twin's rebirth (T1 and T2).

You should look (or look again) at the video posted by Sterlippo1 (in the middle of page 113 of this thread). The overall effect is very good. Besides, T3 is now more elegant than before.

Every cloud has a silver(stein) lining.

[aquablue]

Originally Posted by FMIII

At first, I thought the same. But the good point is that now (well in the future) T1 and and especially T2 will more dominate T3 (and T4). Instead of a stairway effect, we will have two sets of tower. The shortened T3 will help to give a better feeling of the twin's rebirth (T1 and T2).

You should look (or look again) at the video posted by Sterlippo1 (in the middle of page 113 of this thread). The overall effect is very good. Besides, T3 is now more elegant than before.

Every cloud has a silver(stein) lining.

What is the new height and why hasn't the title been changed?

I totally disagree with you, the tower is a major disappointment now. I much preferred the previous design and height.

[FMIII]

Originally Posted by aquablue

What is the new height and why hasn't the title been changed?

I totally disagree with you, the tower is a major disappointment now. I much preferred the previous design and height.

The new roof height is 1073 feet, 1171 feet to the four corner spires. Indeed the height reduction is not that big.

for the rest, it's just a question of taste. In my opinion, a tower's design is not what matters most. What matters most is how this tower fits in the skyline. Therefore I prefer the new design.

[aquablue]

Originally Posted by FMIII

The new roof height is 1073 feet, 1171 feet to the four corner spires. Indeed the height reduction is not that big.

for the rest, it's just a question of taste. In my opinion, a tower's design is not what matters most. What matters most is how this tower fits in the skyline. Therefore I prefer the new design.

Well, someone change the title please

I disagree on that point. The tower's design is extremely important as most people will see the tower up close, not from a distance. The tower should be inviting from street level. A cold harsh uninviting design at the lower levels of skyscrapers is what turns people off these buildings in the first place. That is why the detailed facade of WTC3 was so interesting, it was humanizing. Now, due to cost cutting, we have another boring corporate tower for the most part. Oh well. If T2 isn't built, this will end up being an appalling situation and a complete and utter disaster of monstrous proportions.

[Guiltyspark]

Tower 2 will be built.