Reply With QuoteI think that would be part of the plan, since a large part of the terminal itself would obviously have to be closed while the tower is built.Originally Posted by ube
It would be nice if they also renovate the inside of Port Authortiy.
I think that would be part of the plan, since a large part of the terminal itself would obviously have to be closed while the tower is built.
Its not really dramatic or anything, but i like it a lot.
Intel is floating the idea of taking space in the tower, hopefully they are serious unlike Cisco
Agreed. It's a nice, crisp, minty-fresh glass box.
Is this true? I just half-heartedly joked about them taking it.
I think that this needs to go ahead, the times-west developments I think are an essential part of the citys development as a group.
I'd rather Intel consider space in the NYTIMES Tower first.
Times doesnt neeed a tenant to build if the city will give ratner 150 million in Liberty Bonds he will start tomorow, this is the city's fault
Ummm... It seems that they are about to do just that...
Retail upgrade in store for bus depot
September 05, 2005
The 52-story tower that the New York Times Co. is building on Eighth Avenue at 40th Street is still nearly two years away from opening its doors. But nearby landlords, expecting a wave of new office workers, are already making plans to enhance shops and services.
The Port Authority of New York and New Jersey plans to overhaul the 100,000-square-foot retail site at its bus terminal on Eighth Avenue between West 40th and 42nd streets.
The agency has hired Economic Research Associates to identify potential improvements and new retailers.
The terminal has 40 retailers ranging from newsstands to drug stores but lacks formal restaurants and major fashion stores.
"It's going to be the front door of the New York Times development," says Frank DiMola, director of real estate development at the Port Authority. "We're going to bring in quality tenants, and [existing] tenants are going to have to make investments to keep up with our new criteria."
The research firm's report is expected in about six weeks. Mr. DiMola says the Port Authority aims to have a long-term retail strategy in place by early next year and may hire a management agency to develop the space.
A crucial part of the plan is to fill the 14,000-square-foot vacancy in the bus terminal's north wing. The spot has been empty since 1999, when the Port Authority relocated Duane Reade to the south wing to make room for an office tower. That project soon stalled, but the agency is again talking to developers, Mr. DiMola says.
"We've had some significant interest in the north wing," Mr. DiMola says, adding that national retailers such as Whole Foods and Target have contacted the Port Authority about the space.
Landing a high-profile tenant would allow the agency to raise rents from the current asking price of $150 to $250. It could also increase its commissions from today's average of 12% to 15%.
"That's going to hugely change the perception of Eighth Avenue," says Tim Tompkins, president of the Times Square Alliance, a nonprofit business improvement district. "We're thrilled that the Port Authority also sees the tremendous unrealized potential of retail on Eighth Avenue."
This summer, Mr. Tompkins started canvassing businesses on West 42nd Street about possibly expanding the BID to include more blocks near the bus terminal. The alliance will probably make a decision by the end of the year.
The Times building will be the area's beacon. The media company will take up the building's first 28 floors, or about 55% of the total available office space. The rest of the building will be leased to other commercial tenants, and some shops will open on the ground floor.
As the neighborhood prepares for the onslaught of new office workers, the Port Authority's development will most likely drive retail upgrades.
"Everyone is going to feel a residual effect," says Grant Greenspan, a real estate broker at Kaufman Organization, which co-owns the building at nearby 215 W. 40th St. "You're going to see an improvement in the food service and retail tenants in the neighborhood."
--Elisabeth Butler
©2005 Crain Communications Inc.
Ok it seems like the tower is back on tracks!
dont get to excited, its still hard to get anchor tenants and the city weill push 7 WTC and Freedom before this
Maybe the Chinese group that's looking for 1M sf of space will anchor a new PA tower.
^ Yeah that could happen! This tower has to go up and the one across the street (the lot with the blue wall) aswell.
But I am so happy they are going to upgrade their stores and all!
Since the Chinese group is looking for 1M square feet, I don't know why Crains and the NY Post discussed the B of A and NY Times Towers as options. Don't they both have about 700,000 square feet available?
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