View Poll Results: Construction is underway, how do you feel about the final design for the WTC site?

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  • I am more than satisfied; I believe that the final design surpasses that of the original World Trade Center. 10/10

    50 26.04%
  • While nothing may ever live up to the Twin Towers, I am wholly satisfied with the new World Trade Center; it is a new symbol for a new era. 7/10

    55 28.65%
  • I have come to terms with the new World Trade Center; although it has a number of flaws, I find the design to be acceptable. 5/10

    48 25.00%
  • I am wholly disappointed with the New World Trade Center; we will live to regret the final design. 0/10

    22 11.46%
  • I am biased, but honest, and hate anything that is not a reincarnation of the original Twin Towers.

    17 8.85%
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Thread: World Trade Center Developments

  1. #4711

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  2. #4712
    Disgruntled Optimist lofter1's Avatar
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    Hmmmm ...

    32 Weeks of Penalties @ $300K / day = ~ $67,000,000 + $132,000,000 (Late Fees) = ~ $200,000,000 paid by PA > Silverstein for sites of Towers 2 & 3.

    No wonder they're gleeful in their scheme to squash him.

    Can Larry make this happen / finesse the situation so he comes out on top?

  3. #4713

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    I think Larry has a good case in that the PA's delays has made it impossible for him to get financing.

  4. #4714
    Disgruntled Optimist lofter1's Avatar
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    The lawyers get richer and richer ...

  5. #4715
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    He definitely has a good case. 4 months of delay is big, considering how the markets dropped so quickly to the point where one day you could get a loan and the next you couldn't even get a loan for 20% of the property.

  6. #4716

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    Yeah, this definitely won't stop the arbitration. Could one of the outcomes of the arbitration be an extension of his timeline to build beyond his current 5 year window?

  7. #4717

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    Does anyone have a picture of the wood retaining wall that the PA needs to mvoe in order for SPI to get started on Tower 3?

    Seems they'vwe a lot of work to do to clear the Old Path station site though that work has picked up in recent weeks.

  8. #4718

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    Going by the webcam that retaining wall is almost done being relocated.

  9. #4719

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    Not sure if this was posted already: http://www.panynj.gov/wtcprogress/milestones.html

  10. #4720
    Forum Veteran Daquan13's Avatar
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    Well, at least there aren't any glitches, hopefully, for a while.
    For the western half of Ground Zero.

  11. #4721

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    Quote Originally Posted by EugeneNYC View Post
    Not sure if this was posted already: http://www.panynj.gov/wtcprogress/milestones.html
    Shift them milestones out at least a year.

  12. #4722

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    Developer Rejects Paterson’s Proposals for Ground Zero Towers

    By CHARLES V. BAGLI
    Published: August 3, 2009

    The Port Authority and the developer Larry A. Silverstein took one step closer on Monday to a standstill at ground zero, after Mr. Silverstein essentially rejected proposals from the governor for resolving the impasse over building office towers on the 16-acre site.

    The developer said that proposals by Gov. David A. Paterson were unlikely to lead to building two of three skyscrapers planned for the World Trade Center site, the solution sought by Mr. Silverstein, Mayor Michael R. Bloomberg and Assembly Speaker Sheldon Silver.

    Work is progressing on the first of Mr. Silverstein’s office towers. But he and the Port Authority of New York and New Jersey, which leases the building sites to Mr. Silverstein, have been at odds for months over how to pay for the other towers at a time when there are no tenants on the horizon and no private financing available.

    Mr. Silverstein, who has received more than $150 million in development fees but invested little of his own money, has insisted that the Port Authority finance two of the three office buildings. But both Mr. Paterson and the authority have been reluctant to invest in speculative office towers.

    Mr. Paterson said in a letter to Mr. Silverstein on Monday that if the developer was unwilling to invest more than $75 million in the multibillion-dollar project, he should just proceed with the first tower, which is economically viable. He could then build retail centers and the underground portions of the other two buildings while waiting for tenants and additional financing.

    “Our initial review indicates that these ideas will not likely put us on a path to a two-building solution,” Janno Lieber, who oversees the World Trade Center project for Mr. Silverstein, said in a statement Monday.

    Both Mr. Silver and the mayor, who had been involved in an earlier attempt to resolve the dispute, quickly issued statements saying that Mr. Paterson’s proposals would not work.

    “The path suggested by the governor will not get us there,” Mr. Silver said.

    Andrew Brent, a spokesman for the mayor, said, “From the beginning, we’ve said both parties would have to compromise to avoid stalemate and further delays on the site.”

    But in what has become a very public dispute, Mr. Paterson said in his letter that if Mr. Silverstein failed to come to terms over securing financing for the office towers, the governor would direct the authority to build all the public components of the trade center without him.

    The city, state and Port Authority expect Mr. Silverstein to demand binding arbitration later this month under a 2006 development agreement. That process could take months, or even a year, possibly leading to further delays for other projects at the trade center site, including the memorial and the transit center.

    Real estate executives who have spoken to Mr. Silverstein say that he would seek hundreds of millions of dollars in damages, arguing that the authority has undermined his ability to build the office towers because it is significantly behind schedule in rebuilding Greenwich Street, the $3.2 billion transit hub and a vehicle security center.

    In his statement Monday, Mr. Lieber criticized the authority’s “chronic failures on the site.”

    But in a move that would seem to undercut Mr. Silverstein’s bargaining position, officials at the Port Authority said they expected to finally complete the preliminary site work for the developer’s second and third towers and turn over the land by next Monday. The authority has been paying Mr. Silverstein $300,000 a day — a total of more than $100 million — in penalties since July 2008 because of the delays.

    The Port Authority was never supposed to finance the office towers. Under the 2006 agreement, Mr. Silverstein was to build the three towers with a combination of insurance money, tax-free bonds and private financing. But the once-booming real estate market has all but collapsed. The downtown vacancy rate at office buildings is expected to climb sharply this year, and most executives say it would be a mistake to build a lot of new office space, although few are willing to say so publicly for fear of angering the mayor.

    Link

  13. #4723
    Disgruntled Optimist lofter1's Avatar
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    It seems Larry doesn't believe in the old adage "Put your money where your mouth is" or that he has much faith that the construction of towers 2 & 3 is the right thing to do at this time. Sure, he'll build them with PANYNJ money, but not via his own financing / funding as he agreed to in 2006 (despite the fact taht he's netted $150M + for the wrongs of the PA). His current game playing is revealing him to be something of a selfish schmuck who likes to play hardball. Maybe it is best to force him to his knees.

    Quote Originally Posted by kz1000ps View Post

    Developer Rejects Paterson’s Proposals for Ground Zero Towers

    ... Mr. Silverstein, who has received more than $150 million in development fees but invested little of his own money, has insisted that the Port Authority finance two of the three office buildings. But both Mr. Paterson and the authority have been reluctant to invest in speculative office towers.

    Mr. Paterson said in a letter to Mr. Silverstein on Monday that if the developer was unwilling to invest more than $75 million in the multibillion-dollar project, he should just proceed with the first tower, which is economically viable. He could then build retail centers and the underground portions of the other two buildings while waiting for tenants and additional financing ...

    But in a move that would seem to undercut Mr. Silverstein’s bargaining position, officials at the Port Authority said they expected to finally complete the preliminary site work for the developer’s second and third towers and turn over the land by next Monday. The authority has been paying Mr. Silverstein $300,000 a day — a total of more than $100 million — in penalties since July 2008 because of the delays.

    ... The Port Authority was never supposed to finance the office towers. Under the 2006 agreement, Mr. Silverstein was to build the three towers with a combination of insurance money, tax-free bonds and private financing.

  14. #4724
    Kings County Loyal BrooklynLove's Avatar
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    Quote Originally Posted by kz1000ps View Post
    The Port Authority was never supposed to finance the office towers. Under the 2006 agreement, Mr. Silverstein was to build the three towers with a combination of insurance money, tax-free bonds and private financing. But the once-booming real estate market has all but collapsed.
    If this was completely accurate then there would be no fight here.

  15. #4725

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    It is completely accurate.

    The fight is whether or not actions by the PA have made it impossible for Silverstein to carry out the agreement. Or whether economic conditions have had the greater impact.

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