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Originally Posted by chris08876
Makes us wonder about WTC2. If this is having trouble, I can't imagine what the even more expensive second tower will go through.  And thats if it finds a tenant.... |
It doesn't really have anything to do with the other. Both towers need financing, but 2 WTC isn't relying on backed assistance. That tower needs a major tenant before it can get financing, same as any other office tower proposal.
Quote:
Originally Posted by gdellafave
If 2 and 3 WTC are not going to be built in the foreseeable future, then the "cap-off" should be finished and retail allowed to move in.
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The retail isn't going to move in because no one wants the uncertainty of construction disrupting business. If Silverstein doesn't get tower 3 rising (which he most likely will), then the potential retail tenants with Westfield won't go through.
Quote:
Originally Posted by wong21fr
Because Silverstein is asking for additional funding.
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That's misleading, and not really accurate. Silverstein
himself would have to provide additional funding in the deal, he's asking for more PA backing so he can get financing. The objection from some in the PA is that if Silverstein defaults (which again, he most likely wouldn't), the PA would be responsible for more of the debt.
Quote:
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While the GroupM lease meets the PA requirement, it appears that the capital markets feel that it's not enough of the prelease to warrant financing and won't offer terms that are acceptable to Silverstein.
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The market Downtown will always take longer to absorb new commercial space, that's just known. With space in the Freedom Tower and 4 WTC still available, it's not as tight as Silverstein would like it to be, even though he has already signed a large tenant for tower 3. I don't doubt that Silverstein would already have financing by now if this tower were rising in Midtown.
Meanwhile, things are taking shape in regards to overall access at the sight.
http://www.downtownexpress.com/2014/...r-on-security/
In a shift, W.T.C. residents like what they hear on security
April 24, 2014
BY JOSH ROGERS
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Will it be a kinder, more flexible N.Y.P.D. protecting the World Trade Center when the new security plan begins to be implemented next month?
That message comes not from police officials trying to reassure the Downtown community, but from beleaguered W.T.C. area residents who have been fighting with police for years over what they say are excessively tight security restrictions. Last week, several resident leaders said that for the first time in over a dozen years, they felt their voices were being considered.
One of the most surprising things about the meeting was that Dep. Inspector Kevin Burke, who heads the World Trade Center Command, and Lieutenant Tom Ferramosca, who helped develop the security plan, said that residents like Perillo right near the site could take taxis through the World Trade Center to get home.
“Traffic within the campus will be restricted, but people who have business within the campus will be permitted in and those people enrolled in [the Trusted Access Program], will be permitted in,” said Ferramosca.
Under TAP, vehicles and people that regularly enter the site including nearby residents will have passes to enter in vehicles.
The official line has always been that Greenwich St. would be open to at least some traffic, but the N.Y.P.D. always reserved the right to keep it closed, and few Downtowners had much hope the street would actually open anytime soon.
Once the museum opens to the public, pedestrians will have freer access to the 9/11 Memorial, which will no longer have the timed ticketing system. Officials with the Port Authority, owners of most of the W.T.C. said earlier this month that some of the barriers to the memorial at the south end will be removed, which will allow residents and visitors to traverse between Battery Park City and the Financial District as they experience the memorial.
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Still sounds a little tense to me. It's no wonder tenants aren't flocking to the site.
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