Construction costs will likely delay the planned 2012 opening of the Sept. 11 museum at the World Trade Center, the Wall Street Journal reported.
Two months ago the Port Authority of New York & New Jersey, which owns the site, ceased to renew construction contracts for the $800 million project, slowing progress because it says the National September 11 Memorial & Museum foundation owes $156 million.
But the foundation believes it is owed more than $100 million because of delays. [more]
The Port Authority of New York & New Jersey has approved a new glass covering for the 20-story base of 1 World Trade Center, Crain’s reported. The initial plans to clad the 185-foot-tall concrete base of the forthcoming tower in special prismatic glass fell through because of manufacturing difficulty and a susceptibility to shattering.
The new glass covering will be significantly cheaper for the Port Authority. The agency will pay $37.2 million to Permasteelisa North America Corp to engineer and install stainless steel slat panels around the base and cover it with glass fins, which will reflect light during the day. That compares to the $82 million contracted for the original plans. [more]
From left: Vornado Realty Trust Chairman Steven Roth, Patrick Foye, executive director of Port Authority, and 20 Times SquareVornado Realty Trust has abandoned its plan to build a 40-story tower atop the Port Authority Bus Terminal after its Chinese investment partner chose to invest the $600 million earmarked for the tower in another Midtown property, the New York Times reported.
Vornado had been in talks with Port Authority of New York & New Jersey to build the tower at 42nd Street and Eighth Avenue since 1999. The tower would have been designed by Rogers Stirk Harbour & Partners, and included a garden atop the existing four-story terminal. As part of the agreement, the developer was also on the hook for a $400 million renovation of the bus terminal that would have brought 18 new gates to the bus hub. [more]
From left: A rendering of the new George Washington Bridge Bus Station and the current structureThree retailers have deals for space within the soon-to-be-renovated George Washington Bridge Bus Station, helping to ensure the $183 million project will be a success.
According to the Wall Street Journal, the Port Authority of New York & New Jersey’s partner in the plan, SJM Partners, has deals with discount retailer Marshalls, supermarket Fine Fare and a new gym chain called Blink Fitness. The trio plan to take about half of the 105,000 square feet of retail available when the renovation is complete in the summer of 2013. Construction is beginning this winter. [more]
Unlike its Grand Central Terminal, where the Metropolitan Transportation Authority directly leases space to tenants and has become known as something of a difficult landlord, the MTA will lease all the space in the forthcoming Fulton Street Transit Center to one company and let that firm manage it. According to the Wall Street Journal, the agency hopes to make it a shopping and dining destination.
Once complete in 2014, the three-story glass and steel structure at the corner of Fulton Street and Broadway will have 70,000 square feet of retail space. [more]
From left: Silverstein Properties President Larry Silverstein and a rendering of 4 World Trade CenterSilverstein Properties President Larry Silverstein and the Port Authority of New York & New Jersey are finally set to issue the $1.3 billion in tax-free bonds needed to fund continued construction of the World Trade Center next month, the Wall Street Journal reported.
Silverstein Properties has been running low on cash for the completion of 4 World Trade Center, which currently stands at 56 stories and is slated for 72 stories. The developers had originally planned on issuing the bonds last December, but reneged as interest rates on municipal bonds rose and the cost grew too high.
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Governor Andrew Cuomo is calling for the board of the Port Authority of New York & New Jersey to approve the consolidation of the Moynihan Station Development Corporation and Lower Manhattan Development Corporation’s operations into the Port Authority, according to a statement released today. He is also recommending that Patrick Foye, currently the Governor’s Deputy Secretary of Economic Development, serve as executive director of the Port Authority, replacing the recently resigned Chris Ward.
“Too many different agencies doing the same or closely related work makes little sense,” Cuomo said in a statement. “The Port Authority is best situated to oversee the development at Moynihan Station and the orderly wind down of the LMDC and these changes will consolidate responsibility within the [Port] Authority.” -- Miranda Neubauer [more]
From left: Silverstein Properties President Larry Silverstein and a rendering of 4 World Trade CenterThe previously reported deal for the city’s Human Resources Administration to take more than half of a million square feet at 4 World Trade Center could be upended by a private-sector tenant, according to the New York Post.
The developer of the 2.2 million-square-foot building, Silverstein Properties President Larry Silverstein, had previously said that if a private tenant takes the space the city’s commitment “may not be necessary.” He and the Port Authority of New York & New Jersey, which owns the site, would prefer private tenants to fill the space, in part because they would pay more. The HRA lease starts at $56.50 per foot for its 582,000-square-foot space, about $10 to $15 less than tenants have paid in recent deals for space in nearby 7 World Trade Center. [more]
Governor Cuomo and the St. Nicholas ChurchBehind closed doors, Governor Andrew Cuomo is pushing to rebuild the St. Nicholas Church at the former site of the Deutsche Bank Building, sources told the New York Post, even though it could severely delay construction of the World Trade Center site.
The Port Authority of New York & New Jersey wanted the church to be rebuilt at 155 Cedar Street, where it stood before being destroyed during the Sept. 11 attacks. Church leaders initially thought the new structure would be built one block away at 130 Liberty Street, but the Port Authority wanted to negotiate a land swap so that it could be built at the Cedar Street site. [more]
The priorities of the Port Authority of New York and New Jersey are likely to shift under its upcoming change of leadership and as the agency is undertaking a review of its $25 billion, 10-year budget for capital projects, the Wall Street Journal reported.
Earlier this week, Christopher Ward, executive director of the Port Authority, announced that he would be resigning next month. Governor Andrew Cuomo will be leading the process to find his replacement.
“What we need to do is look at all the projects that are on the drawing board, those that are in the pipeline, those that are ready to go, those that are going and decide about priorities and timing and sequencing, and that’s part of this process,” David Samson, chairman of the Port Authority, said. “Everything is on the table.” [more]
