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  #1061  
Old Posted Feb 21, 2010, 6:55 PM
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I'm tired of hearing all the billions to be squandered on the Transit Hub, when a more modest project could still be attractive and save a cool billion to spend on building 2WTC in the next couple of years. You'd think the same agency so worried about a market for space in lower Manhattan wouldn't let itself be sucked into the financial sinkhole the transit hub is shaping up to be.
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  #1062  
Old Posted Feb 22, 2010, 1:04 AM
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^ They're getting the rent for towers that don't exists, no sweat off their backs if they never get built.

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Originally Posted by NewYorker2009 View Post
I also feel the Port Authority just wants to keep the new World Trade Center simple and sweet with One World Trade Center, the Transit Hub, and the Memorial despite their billion dollar plus costs.
As noted in the 60 minutes piece, almost $4 billion for the PATH station, and they don't even want to help Silverstein get financing for the towers the hub is supposed to feed.
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  #1063  
Old Posted Feb 22, 2010, 2:49 AM
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Quote:
Originally Posted by NYguy View Post
^ They're getting the rent for towers that don't exists, no sweat off their backs if they never get built.



As noted in the 60 minutes piece, almost $4 billion for the PATH station, and they don't even want to help Silverstein get financing for the towers the hub is supposed to feed.
The 60 Minutes episode was pretty interesting. I do agree with ZenSteelDude in that CBS should have focused more on the progress already done. It was pretty amusing to see Chris Ward being asked when each Tower would be completed and all he knows is when Towers 1 & 4 will be done. It's old news but still pretty good to watch. It was terrible how the security guard wouldn't even let Silverstein into the site to look around. Now you have to ask who is really in control of the site. Silverstein is just a back-burner to the Port Authority even though he needs to finish his Towers. The Port Authority just wants to focus on their current projects and let Silverstein deal with Towers 2, 3, & 4 just as in the original 2006 agreement.
     
     
  #1064  
Old Posted Feb 22, 2010, 3:25 PM
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Originally Posted by NewYorker2009 View Post
It was terrible how the security guard wouldn't even let Silverstein into the site to look around.
Just a coincidence, I'm sure...
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  #1065  
Old Posted Feb 23, 2010, 1:51 AM
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Tower 3's design is really growing on me. In terms of how well each was thought out, it seems like Rogers put more thought into his design than Foster did his. He seems really excited about the building on the video on wtc.com.

Plus I love the crossbracing on John Hancock Center in Chicago, which looks to be similar to Tower 3's. The four spires on the top are a nice touch as well.

I guess I can't complain if only one gets built. Both are great buildings.
     
     
  #1066  
Old Posted Feb 23, 2010, 2:55 AM
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It's the one I was most concerned about being altered. The only problem with getting this one built beforeT2 is if T2 doesn't begin to rise in the next few years.
Then you would have a dominating tower on one end, and two dominating towers on the other, with nothing in between.

But let's get this one going before we worry about that...










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  #1067  
Old Posted Feb 23, 2010, 5:26 PM
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Good point. Hopefully they get some kind of deal worked out in a few months so that it starts this summer. It should be interesting to watch the crossbraces during construction.
     
     
  #1068  
Old Posted Feb 23, 2010, 6:05 PM
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this is my favorite tower out of all of them. So much thought and detail went into this design, that its just beautiful to look at. I really hope they can work things out, and get this one rolling..

Just look at the 2nd image just posted. Its unbelieveable.
     
     
  #1069  
Old Posted Feb 23, 2010, 6:38 PM
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Does anyone have larger versions of the Tower 3 autocad floor elevations that are posted on Roger's website? Tower 2 has giant size ones available but I can only find smaller versions for T3.
     
     
  #1070  
Old Posted Feb 24, 2010, 1:46 AM
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http://www.crainsnewyork.com/article...TATE/100229967

Port and Silverstein meet over WTC impasse
Two weeks after the developer unveiled new proposals to end his long feud with the agency the two sides will sit down to see if anything has really changed.


Quote:
By Theresa Agovino
February 23, 2010

Two weeks ago, Larry Silverstein issued an agenda that included putting as much as $250 million of his own funds into the deal—up from an earlier offer of $50 million—and using all of his insurance money on just two towers instead of spreading it out over three.

The Port Authority of New York and New Jersey and Silverstein Properties Inc. representatives are slated to meet Tuesday to discuss the developer’s proposal for ending the feud with the agency over help financing two of Silverstein’s towers at Ground Zero.

The Port is not expected to make a counter offer but instead will drill in for more details about developer Larry Silverstein’s proposal, which it views as largely smoke and mirrors, according to sources familiar with the negotiations.

Among the details the Port wants to know is how soon Mr. Silverstein could come up with any of the funds he is pledging.




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  #1071  
Old Posted Feb 24, 2010, 1:50 AM
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Wait, was the meeting today? Or next Tuesday?
     
     
  #1072  
Old Posted Feb 24, 2010, 3:28 PM
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Originally Posted by uaarkson View Post
Wait, was the meeting today? Or next Tuesday?
Apparently the meeting was yesterday...

http://www.crainsnewyork.com/article.../INS/100229953

Quote:
World Trade Center rent dispute

As World Trade Center developer Larry Silverstein and the Port Authority were meeting yesterday about the two office towers Silverstein wants to build with Port financing, space in Silverstein's 7 World Trade was being offered for $60 per square foot.

Yet the developer predicts that the new towers would fetch gross rents of nearly $100 per square foot—if only he could build them. (The “effective rent” at the existing and new buildings, taking in to account available incentives, would be lower by about 10%.) Port Authority officials, who are willing to finance one but not two of Silverstein's speculative towers, do not share his view that downtown office rents will rise so precipitously in the next five years or so.

The cost of Class A office space in lower Manhattan rose by about 1% annually from 1984 to 2010. Measured from the bottom of the market in 1994 to the top of the market in 2008, just before Bear Stearns and Lehman failed, average annual rent growth was 5.6%. Rents would have to grow at several times that rate to reach the numbers Silverstein projects, which is one reason why private financing for the towers has not been available.

However, the buildings could break even or make money at lower rents, if construction costs can be controlled. The Port Authority would be at risk of losing money only if rents are in the low $60s when the second tower goes to market in 2015, an insider says. In the past 15 months, deals were cut at 7 World Trade and at the Freedom Tower for $80 per square foot, and rents can rise quickly in a market upswing.
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  #1073  
Old Posted Feb 24, 2010, 6:36 PM
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Wow, PA would lose money at low $60s per sqft and Silverstien is seeing $100 as a possibility... even if he is over reaching lets say that the 7 WTC recently negotiated rents of $80 is the template for this building... they would be fine.
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  #1074  
Old Posted Feb 25, 2010, 3:53 AM
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Expect more shenanigans...

http://www.nj.com/news/index.ssf/201...authority.html

N.J. Sen. Bill Baroni is named to post at Port Authority of N.Y., N.J.

By Susan K. Livio and Mike Frassinelli/Star-Ledger staff
February 20, 2010

Quote:
State Sen. Bill Baroni, a tenacious lawmaker who shed 120 pounds, knocked on 10,000 doors in a single campaign and broke with his party to support a gay marriage bill, has been named deputy executive director of the Port Authority of New York and New Jersey.

Besides rebuilding the World Trade Center, Baroni said, the Port Authority has other pressing concerns: Construction at Newark, JFK and LaGuardia airports; expanding the Goethals Bridge, heavily used by people in Union and Middlesex counties; and raising the Bayonne Bridge from 151 feet to 215 to allow larger ships bringing billions of dollars of cargo from a widened Panama Canal.

Baroni, a 38-year-old Republican from Hamilton Township, expects to start his new job in the next couple weeks and said he will be a "zealous advocate for New Jersey."

"The Port Authority of New York and New Jersey is one of those agencies across the planet that truly affects the lives of nearly every New Jerseyan," he said. "One hundred million people go from New Jersey and New York every year through the bridges and tunnels the Port Authority runs. This is an agency that truly has the power to create jobs and drive an economic success story in New Jersey."

Though Baroni was considered a rising GOP star, the move from Trenton to Lower Manhattan takes him out of the crosshairs in a volatile district dominated by state workers and shared by two Democrats in the Assembly. Anyone in that seat would be made to answer for Christie’s promise to whittle generous pension and benefits packages for state employees.

During a Statehouse news conference, the Governor said he wanted Baroni to be an integral part of the ongoing negotiations involving the World Trade Center site and its memorial for the 9/11 terrorist attack victims.

"We need leadership up there," Christie said. "I need someone I can count on to make sure we deal with all the complex transportation issues and the significant opportunities for funding projects in the state of New Jersey.’"

Baroni replaces Susan Bass Levin, a Gov. Jon Corzine appointee who previously served as commissioner of New Jersey’s Department of Community Affairs. She left the Port Authority last month take a post with Cooper University Hospital Foundation.

Baroni’s salary had not been finalized today, but Levin made $291,252 as deputy director of the Port Authority. Baroni, an attorney and adjunct professor of law at Seton Hall, made $49,000 as a state senator.
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  #1075  
Old Posted Mar 5, 2010, 12:15 AM
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http://www.observer.com/2010/real-es...ower-wtc-offer

Port, Silverstein Move Closer with New Two-Tower WTC Offer

By Eliot Brown
March 4, 2010

Quote:
The Port Authority of New York and New Jersey this week presented a new offer to private developer Larry Silverstein that seeks to assist in financing construction of two skyscrapers at the World Trade Center.

The offer calls for Mr. Silverstein to raise $300 million in new private capital and for the city to put in a significant contribution toward the redevelopment before the Port Authority would put up money to back financing on two towers—Tower 3 and Tower 4—according to multiple people familiar with the proposal.

Given that the Port Authority's last offer was for Mr. Silverstein to raise $625 million in private capital, this latest offer seems to narrow what was once a giant chasm between the warring parties. Still, negotiations at the site have long proved tremendously difficult, even in good times, and now neither the Port Authority nor Mr. Silverstein are eager to take the pain involved in finding the extra money to fund the project, which was once envisioned as a privately financed development. The offers and counter-offers have been slow in coming, with each side suspicious of the other, and with both bleeding each other as time goes by without a resolution.

According to the people familiar with the offer, Mr. Silverstein, who has hundreds of millions in insurance money—not enough to finance two towers—would need to raise $300 million in private capital. Last month, Mr. Silverstein offered to raise $250 million, with other conditions, including construction deadlines, for the Port Authority. The Port Authority, in both Mr. Silverstein's offer and the Authority's offer, would backstop the financing on the tower, thus capturing the asset should he ultimately default.

The Port Authority's proposal would also give Mr. Silverstein two years to pre-lease 500,000 square feet in the second tower, the Richard Rogers–designed Tower 3, as a condition to the agency's backing of the financing. The rents would have to be at least $80 a foot, a rather high level for Lower Manhattan (Most of the higher floors in Mr. Silverstein's 7 World Trade Center were asking $75 a foot at the market's peak) for a large amount of space.

Silverstein Properties would also, in the Port Authority's proposal, have to keep paying ground rent while it still has insurance money, an expense not in Mr. Silverstein's proposal.

Finally, the agency calls for the city to close the gap, waiving tens of millions worth of payments in lieu of taxes that the Port Authority would pay the city over 30-years. The Port Authority would also seek reimbursement for some of its losses from the city and state should Silverstein ultimately default on either of his towers.

It's not immediately clear how Mr. Silverstein and the city will react to such a proposal. It does indeed bring the two sides closer than a year ago, when Mr. Silverstein wanted two towers, and the Port Authority refused to commit to any more than backing the financing on Tower 4, which has government lease commitments in place. But it does leave many questions, such as whether Mr. Silverstein would agree to a plan that is so contingent on him finding a large tenant.

And then there is the city.

As both sides have warred and the Bloomberg administration has tried to play the role of mediator, the mayor has at the same time balked at putting in more city money, though the city did not have an immediate response to this offer.

The parties have in recent weeks come back together to renew talks, following an arbitration ruling that generally is viewed as favoring the Port Authority, as it did not grant any immediate damages or rent abatements to Mr. Silverstein. There also seem to be other issues, as a redesign of Tower 2, which would likely be replaced by a podium or open space, and a redesign of Tower 3 that has been requested by the Port Authority. Given the complexity of the site, redesigns of the towers' bases can take many months, presumably pushing off construction.

Update 4:40 p.m.

Silverstein spokesman Bud Perrone emailed over a statement, which has to be by far the most cordial comment the company has had in a year about the Port Authority:

"We are pleased that the Port Authority has responded to our February 10 offer with their own proposal, which we are currently studying. We will continue to work with the Port Authority and other stakeholders in order to achieve an agreement that will protect the public's interests and ensure the World Trade Center is rebuilt in a timely manner."
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  #1076  
Old Posted Mar 5, 2010, 1:59 AM
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I think the Observer is using old info. Tower 2 podium along with a Tower 3 redesign? Unless there's another one and they are ditching the site plan then I doubt it.
     
     
  #1077  
Old Posted Mar 5, 2010, 7:10 AM
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Originally Posted by meh_cd View Post
I think the Observer is using old info. Tower 2 podium along with a Tower 3 redesign? Unless there's another one and they are ditching the site plan then I doubt it.
No, it's accurate. Silverstein's latest offer is to build Tower 3 first, which would leave Tower 2 as the only tower not financed, resulting in only the podium being built, probably by the Port Authority. The redesign they are talking about is for the base of the towers. The PA has already begun a redesign of the PATH terminal which would lead to a redesign of those towers anyway. Now both sides have about a week to come up with a solution before things are decided for them.


http://www.nytimes.com/2010/03/05/ny...l?ref=nyregion

Trade Center Financing Rift Still Wide as Deadline Nears

By CHARLES V. BAGLI
March 4, 2010

Quote:
With a deadline approaching, the Port Authority and the developer Larry A. Silverstein have so far been unable to resolve their longstanding differences for rebuilding ground zero, with the authority getting a chilly reception to its latest proposal.

The Port Authority of New York and New Jersey is already building 1 World Trade Center, a $3 billion, 1,776-foot-tall skyscraper formerly called the Freedom Tower; a $3.2 billion transit center; a national memorial, and streets and utilities to serve the site. But there has been a 15-month deadlock on who will finance three additional office towers that Mr. Silverstein, who held the lease on the twin towers when they were destroyed on Sept. 11, 2001, has the right to build at ground zero.

Unable to obtain corporate tenants (the city and Port Authority have agreed to rent space in one of the buildings) or construction loans, Mr. Silverstein insisted last year that the Port Authority, which owns the site, finance at least two of the towers. But the authority has refused.

An arbitration panel last month gave both sides until March 11 to resolve the matter on their own or risk the panel imposing its own solution. The latter seems likely now.

On Tuesday the authority agreed to financially support Mr. Silverstein’s first tower and said it would back the second one after he signed leases for about a fifth of the space. In the meantime, retail space would be erected on the land.

In return, the authority wants Mr. Silverstein to invest $300 million of his own money, while pooling all of the remaining insurance money from the terrorist attack and tax-free Liberty Bonds for construction of the two towers. It also wants Mr. Silverstein to continue paying full rent at the site until he exhausts the insurance money.


The authority and the developer declined to comment. But officials who have been briefed on the discussions said that the two sides were not close to an agreement. Andrew Brent, a spokesman for the Bloomberg administration, which has sided with Mr. Silverstein, said that it was “extremely disappointing that this is being negotiated in the press yet again.”

Gov. Christopher J. Christie of New Jersey, who shares oversight of the authority with Gov. David A. Paterson of New York, expressed some frustration. “We simply cannot delay any longer on the World Trade Center site, which is why I have worked with the Port Authority to put together a thoughtful and substantive counterproposal,” he said in a statement. “Now is the time for all interested parties to quickly and responsibly finalize an agreement that both protects the memories of those we lost and the overstretched taxpayers of New York and New Jersey.”
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  #1078  
Old Posted Mar 5, 2010, 7:49 AM
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Looks like the PA wants the redesign so the towers will be cheaper...


http://www.tribecatrib.com/news/2010...lverstein.html

Quote:
Initially, Silverstein intended to build three towers in the eastern half of the site, along Church Street, but a weakened credit market has kept him from raising money in the private market. The developer offered to put up $250 million of his own money toward the construction of Towers 3 and 4—and suspend indefinitely construction of the more costly Tower 2—on Feb. 10, but the Port rejected the proposal.

The Authority’s offer stipulates Silverstein must:

• Pre-lease 500,000 square feet of the tower's office space—about a quarter of its total 2.1 million square feet—within two years of signing a new construction agreement before the agency will back any loans, at rates almost double the average asking rent for high-grade office space in Lower Manhattan.

• Rework the tower’s design to bring down construction costs.

• Continue to pay ground rent on the proposed sites for his three towers until his insurance proceeds—collected after the destruction of the original World Trade Center—run out.

In addition, the Authority insists that the city financially contribute towards construction at the site. It wants the city to wave its payments in lieu of taxes due over the next 30 years. That would save the agency millions of dollars that could be rededicated to Trade Center projects. Mayor Michael Bloomberg has yet to comment directly on the Port's latest offer.
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  #1079  
Old Posted Mar 5, 2010, 4:09 PM
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^Hopefully that doesn't mean making them smaller
     
     
  #1080  
Old Posted Mar 5, 2010, 5:21 PM
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It means making them smaller and more boring.
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