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Thread: 7 World Trade Center - by Skidmore, Owings and Merrill

  1. #61

    Default 7 WTC renderings

    Quote: from maxinmilano on 5:49 pm on Nov. 25, 2002
    I tthink this bldg is not a masterpiece like Piano's tower ....but is after all not bad. Ok, we need first class projects in NYC expecially in this part of the city,
    It may not be a masterpiece, but more importantly, its a new tower to replace what was destroyed. *I disagree that the new towers have to be pieces of great architecture, but Im not a lover of architecture. *Just tall buildings. *New York City style!

    BTW, did anybody see the full-page renderings for the new tower in the papers today? It had a simple headline, "7WTC. *The rebuilding begins..". *I almost got chills looking at it...

    (Edited by NYguy at 6:51 pm on Nov. 25, 2002)

  2. #62
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    Default 7 WTC renderings

    I've seen the renderings. *They're in both the Post and the Daily News, from what I know so far. *Haven't checked any other papers yet.

  3. #63

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    Quote: from Shak on 8:35 pm on Nov. 25, 2002

    And I have a question. If the skin sort of reflects the sky, would it reflect the sun alot. So it'd be hard to look at it sometimes?
    It depends.
    Will it be reflective glass like the Goldman Sachs building in JC or more transparent glass ?

  4. #64

    Default 7 WTC renderings

    i do not have a problem with the tower too much, just as long as it looks creative and "ORIGINAL" i do not mind if it is a box. But if it is a dreary old box again i will have to hurt someone.

  5. #65
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    From the renderings, it looks pretty light and airy. *Large, clear glass windows, with some nice aesthetic touches...I'm very impressed by this project, I have to tell you.

  6. #66
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    Default 7 WTC renderings

    I'm not overly impressed yet, so far we've only seen some very unrealistic renderings. It does look light and airy, but all the buildings are white and 7 WTC is transparent.

  7. #67

    Default 7 WTC renderings

    That's a good thing.
    Transparent buildings are strangely rare in NY.

  8. #68
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    It would be good, I agree, but you know how misleading renderings can be.

  9. #69

    Default 7 WTC renderings

    The new 7 WTC will rise to the west of Greenwich Street and to the south of 101 Barclay Street building. 10 August 2002.


  10. #70

    Default 7 WTC renderings

    New York Times
    http://www.nytimes.com/2003/01/16/nyregion/16DEVE.html

    January 16, 2003
    Even as Construction Begins, a New Trade Center Tower Faces Obstacles
    By CHARLES V. BAGLI


    Construction workers are laboring busily these days beneath the arc of a crane and the pipes pouring concrete at Vesey and Washington Streets, where the developer Larry A. Silverstein wants to rebuild 7 World Trade Center, one of the skyscrapers destroyed in the terrorist attack 16 months ago.

    But it is by no means certain that Mr. Silverstein's planned 52-story skyscraper will rise on the site of the old tower anytime soon.

    Mr. Silverstein, a persistently optimistic man, must still contend with a sluggish real estate market, the lack of a tenant to occupy the building, and the uncertainties of talks with his lenders, his insurer and the landowner, the Port Authority of New York and New Jersey. Any one could delay, or in the worst case scuttle, the $700 million building.

    State and city officials are promoting the project because of its symbolic value in demonstrating progress in rebuilding Lower Manhattan, while the debate over the nearby 16-acre site of the twin towers drags on. On Tuesday, the city's Industrial Development Agency approved up to $400 million in tax-exempt Liberty Bonds to rebuild 7 World Trade Center.

    "Larry Silverstein is going to build this 1.7-million square-foot tower with no tenants," said Andrew M. Alper, president of the city's Economic Development Corporation. "That's a pretty bold thing to do."

    "I have no doubt he'll get commercial tenants over time," he added.

    That remains to be seen. In the past decade, no developer has built a major office tower in Manhattan without a tenant for about half the building, typically a requirement of lenders. Mr. Alper acknowledged that vacant office space abounds in New York.

    "Larry's under the mistaken notion that he can do this without an anchor tenant," said one real estate executive. "Why would the banks allow that?"

    But Mr. Silverstein and city officials contend that unless construction starts now, the building will not be finished when the market improves, perhaps in a couple of years. Insurance money, they say, enables him to start quickly and reduces the risk to any lender.

    The developer has told city officials that Merrill Lynch has expressed interest in underwriting the Liberty Bonds, while the Bank of New York and HSBC are interested in guaranteeing the bonds.

    "This will be the first building to be rebuilt at the trade center and thus is symbolic of the importance that all New Yorkers attach to redeveloping the area and creating a vital economic engine for Lower Manhattan," Mr. Silverstein said on Tuesday.

    At 7 World Trade Center, where Con Edison is building an electric substation to replace the one in the old building, Mr. Silverstein's crews are laying the foundation for a new building. But Mr. Silverstein must work out a number of issues.

    According to the financial plan Mr. Silverstein filed with the city, he had an $861 million insurance policy; the insurer was Industrial Risk Insurers, a unit of General Electric's Employers Reinsurance division. He has already spent about $65 million on mortgage payments, development fees and other items related to the project. He plans to pay off the existing mortgage, totaling about $489.4 million. That leaves $306.6 million in insurance money, together with up to $400 million in Liberty Bonds, for construction of the tower.

    But Mr. Silverstein has been squabbling with the mortgage holders on the old tower, the Blackstone Group and Banc of America Securities, over what he owes them and what they say was his unilateral decision to build a tower that is smaller than the original building. The sticking point is a provision in the loan agreements that provides the creditors with a 40 percent stake in the equity, and the two sides have been as much as $90 million apart in their estimates. According to people involved in the talks, Mr. Silverstein has contended that there is no equity since there is no longer a building.

    The two sides met on Tuesday, according to an executive who was briefed on the negotiations, and outlined a potential deal that would pay the lenders at least $489.4 million, if not more, depending on when the loan is repaid. Mr. Silverstein is paying an interest rate of 10 percent, but city officials say that he should be able to borrow money for the new building at 3 percent interest.

    "We are optimistic about reaching an agreement for Larry to pay us off in accordance with our agreements," John Z. Kukral, chief executive of Blackstone Real Estate Advisers, said yesterday.

    Another possible sticking point is a clause in Mr. Silverstein's insurance policy that requires him to rebuild within two years. He says he has fulfilled that term by signing contracts for at least some of the work on a new tower, although the insurance company may take a different view, according to a person working on the project for Mr. Silverstein. Mr. Silverstein does not expect to complete the tower until late 2005 or early 2006.

    Mr. Silverstein is also negotiating a new ground lease with the Port Authority, which was a big tenant in the old building. The current lease guarantees the Port Authority a minimum rent, payments in lieu of taxes and 40 percent of the property's net income. Mr. Silverstein wants to get rid of the 40 percent clause, said executives who have been briefed on the talks, but the Port is unlikely to give in.

    The Port Authority, which had a relatively large and inexpensive lease at the trade center, has expressed an interest in returning to Lower Manhattan under the terms of its old deal. But Mr. Silverstein has demanded a higher rent.

    "There are a lot of people feeding at this trough," said one real estate executive. "It's a lot for Larry to handle all at once."

    Several real estate executives said they expected the tower to be built, if only for political reasons. "They need to show some sort of progress downtown," an executive said, "and that's the easiest place to do it."

  11. #71
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    Default 7 WTC renderings

    Mr. Silverstein does not expect to complete the tower until late 2005 or early 2006.

    That's a little surprising, three years? I thought their pace was somewhat more urgent than that due to the "symbolic importance that all New Yorkers attach to redeveloping the area". Since that is not the case and there are no tenants they still can wait a little for a WTC overall plan and modify their design to be more incorporated with it. Get the transfer station running, by then the WTC plan will be much closer, then build that tower at a fast pace - two years. It can still be finished by early 2006.

    Still seems crazy that this new tower will not be part of the overall plan. Though the current design is nice, just a little tweak to compliment its neighbors might make it a first class tower that the site deserves.

  12. #72

    Default 7 WTC renderings

    I thought Con Edison needed the tower right away.

  13. #73

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    Con Ed just needs the lower floors, to rebuild the substations.

  14. #74

  15. #75

    Default 7 WTC renderings

    Oh boy, what a winner.

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