Posted Oct 19, 2010, 1:17 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
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http://www.crainsnewyork.com/article...TATE/101019884
Real estate players pay up for No. 7 line
Developers and builders combine to put up $250,000 in bid to resurrect plans for a station on the extension of No. 7 line at West 41st Street and Tenth Avenue.
By Theresa Agovino
October 18, 2010
Quote:
The real estate and construction industries are putting their money where their mouths are.
Members of both sectors have agreed to put up a total of $250,000 in an attempt to win a $3 million grant from the federal government that would help resurrect the plan to put a subway station at West 41st Street and Tenth Avenue as part of the extension of the No. 7 subway line.
Real estate executives have been lobbying to restore the station, which they say is critical for the ongoing development of the West Side. Construction executives say the project would create much-needed jobs.
The city, which formally applied for the grant from the federal Department of Transportation, also ponied up $500,000. The federal government is giving out $600 million for infrastructure projects through the TIGER II Discretionary Grant Program. The program requires that recipients put up a portion of the money. A decision on whether the city will get the grant is expected within the next month.
The grant would be used to redesign the subway station so it could be built even after the completion of the No. 7 line, which is slated to be done by 2013. The original plans to extend the No. 7 line had included a stop at West 41st Street and Tenth Avenue, but the idea was dropped on budgetary concerns.
“We want to preserve the ability to build the station, but to do that, it needs to be redesigned,” said Mary Ann Tighe, chair of the Real Estate Board of New York, the industry's main lobbying group.
Steven Spinola, president of REBNY, said that unless the current design for the extension is changed, it would not be possible to add the West 41st Street station later without halting service on the line for a prolonged period, which is not likely.
Among the developers who have agreed to put up money are Silverstein Properties and Durst Fetner Residential.
The Building & Construction Trades Council of Greater New York, which represents various unions, as well as the Building Trades Employer's Association, which represents contractors, also agreed to put up money.
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