This is fantastic news!
How awesome is NYC?
The following is from the New York Post:
"MORGAN IN WTC CHASE EYES 5TH TOWER"
By TOM TOPOUSIS
January 16, 2007 -- Financial giant JPMorgan Chase is in talks with the Port Authority about developing the fifth World Trade Center skyscraper into a corporate tower - which would prevent Mayor Bloomberg's push to use the site for housing, The Post has learned.
Tower 5 - a block south of Ground Zero at 130 Liberty St. and on the site of the heavily damaged and contaminated Deutsche Bank building - had been designated in April as a residential high-rise under a renegotiated plan for developing the World Trade Center's towers.
But several sources familiar with JPMorgan's talks with state and Port Authority officials said the firm's bid to develop the proposed 57-story tower for major corporate tenants is being taken seriously by the bistate agency.
In fact, sources said, JPMorgan is not the only corporate bidder for the site.
To make the commercial deal work, a source said, the Port Authority would have to agree to expand the size of Tower 5's base in order to accommodate the large, lower-level floors needed for trading rooms - a requirement for most financial-services firms.
Joseph Evangelisti, a spokesman for JPMorgan Chase, declined to comment on any talks with the Port Authority.
The financial-services firm's current headquarters are at 270 Park Ave. in the former Union Carbide Building. While the firm has no plans to relocate its headquarters, a series of acquisitions and a city work force of over 35,000 employees create a constant need for office space.
Last year, Bloomberg claimed there wasn't enough demand for office space to fill the five towers included in the World Trade Center's master plan and called for a major revision of the plan to include housing and hotels.
But the demand for Manhattan office space, including downtown, has boomed in the past year.
This is fantastic news!
Nice! At 57 stories, this one would get close to maki's tower in height, no?
Awesome. Yeah a residential tower in that location would've been pretty dumb in the first place.
While this is definitely good news, I wouldn't get too excited just yet.
This is years and years from even getting started and as we've seen from so many feel good news releases over the years, many, many things can change from now till then.
Any movement on development dowtown is exciting, but another 100% commercial building is going to create a place that is ultimately a big "dead zone" on evenings & weekends - similar to the old WTC. It doesn't contribute to the 24/7 community and still makes the WTC site a superblock dividing BPC from the rest of Manhattan.
More than anything, I want that hole filled in. I'm not sure if this design with this latest proposed commercial development advances city planning for hte area from what it was pre-9/11.
If this proposal pans out, the city should push development at the BBT. Five residential sites could be put there.
A dead-zone could be avoided by not doing it like BOA, but I don't like the sound of big trading floors in the base.
25 Thames, 123 Washington (4 Albany) and 111 Washington.
This is not even counting the residentials encircling the WTC site to the north and east like 200 Chambers, 101 Warren and of course this forum's very favorite, 10 Barclay.
^Do trading firms today actually need to have extra-large floors to conduct their business? I assume that most traders today sit at computer terminals and don't need to be in the same room or even building as other traders employed by the same firm. I don't imagine that most of them need to be able to shout orders across the room or pass paper order slips from hand to hand.
Awesome news. I hope they pick another world known experienced architect this time. Here is a map that came with the news story... (Although it looks like tower 5 is in the wrong location. Isn't it? Shoudn't it be facing Liberty street?)
I knew it! Hopefully, it will end up being at least 800'. (Though, even if approved, I bet construstion wouldn't start for a looong time.)
60 Wall?! That awful abomination? If JP Morgan moves into Tower 5, let's hope it's not another ghastly intrusion on the house party.
I don't think Deutsche Bank owns 60 Wall St. anymore.
I faintly remember that they sold it not too long ago but will continue to be a tenant there.