Why is the WTC taking so long? (RENY)
Link to full Story
Cody Lyon
Excerpts from "Real Estate NY" and globeSt.com
Meanwhile, for its part, the Port maintains it's met obligations called for in the 2006 Master Development plan, and "continues to meet them." In August, Port Authority executive director Chris Ward argued that any arbitration decision under the 2006 MDA will not resolve the question of 'when there will be a market for the two private office towers on the site, and how the 'speculative' private office space should be financed.
Almost sadly, the squabble of today seems decades away from the time eight years ago, when at least officially, a consensus emerged, that foresaw the timely rebuilding of the World Trade Center as a message of defiance and triumph that would serve as a symbol of New York City's economic and real estate dominance as well as the major catalyst for revitalizing Lower Manhattan.
Another Excerpt:
Pataki tells Real Estate New York "we had an obligation to keep Lower Manhattan a viable commercial center, in fact, the financial capital of the world." He adds, "that's why, the commitment was made, not to just have the memorial, the transit hub and the upgrading of infrastructure facilities, but, as the insurance documents required, the reconstruction of office space." Full story link
Cody Lyon
Excerpts from "Real Estate NY" and globeSt.com
Meanwhile, for its part, the Port maintains it's met obligations called for in the 2006 Master Development plan, and "continues to meet them." In August, Port Authority executive director Chris Ward argued that any arbitration decision under the 2006 MDA will not resolve the question of 'when there will be a market for the two private office towers on the site, and how the 'speculative' private office space should be financed.
Almost sadly, the squabble of today seems decades away from the time eight years ago, when at least officially, a consensus emerged, that foresaw the timely rebuilding of the World Trade Center as a message of defiance and triumph that would serve as a symbol of New York City's economic and real estate dominance as well as the major catalyst for revitalizing Lower Manhattan.
Another Excerpt:
Pataki tells Real Estate New York "we had an obligation to keep Lower Manhattan a viable commercial center, in fact, the financial capital of the world." He adds, "that's why, the commitment was made, not to just have the memorial, the transit hub and the upgrading of infrastructure facilities, but, as the insurance documents required, the reconstruction of office space." Full story link
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Rebuilding the WTC was always a bad idea. I'm being nice. It was a bad idea because building the WTC in the first place was a bad idea. In both instances, egotistical politicians spent or are spending billions of taxpayer dollars on a grandiose and dangerous commercial real estate development in the face of high commercial vacancy rates and tanking markets for such property. Even after it's completed, the Tyranny Tower (it looks as though it could have been designed by Albert Speer) will cost taxpayers hundreds of millions of dollars each year in subsidized rents.
I would almost rather see us waste this money in Afghanistan.
The transportation hub needs more attention. The Tyranny Tower should be stopped.
October 27, 2009 7:33 PM | Reply | Permalink