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Thread: 200 Greenwich Street - Proposed WTC Tower #2 - by Norman Foster

  1. #1681

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    Quote Originally Posted by londonlawyer View Post
    I guess I'm the only one who loves the new design.
    You're not the only one. It's a better design. Foster is derivative and the previous design was outdated.

  2. #1682

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    I like the new design

  3. #1683
    Forum Veteran Tectonic's Avatar
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    It's a cool design and I get the need for a redesign, that was no surprise after so many years. Just not sure about this particular design at this location.

  4. #1684

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    I love it. A Verre-like, 1000'+ tower on the site of T5 would complement this group.

  5. #1685
    Forum Veteran Tectonic's Avatar
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    Well the way the buildings trended, something more like 4 or 7 WTC fit right in.

  6. #1686
    Forum Veteran TREPYE's Avatar
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    Quote Originally Posted by Tectonic View Post
    Well the way the buildings trended, something more like 4 or 7 WTC fit right in.
    Ha.... The way it is turning out this cadre of towers are turning out to be like the stories you hear about which friends girls (or guys) wanna hang out with... At first it seemed that WTC1 was 3rd prettiest of the group so in an effort to lower context it sought out uglier friends... Now that it had the stubby 4WTC to make it look more awesome than what it really does, this effect will get magnified by the cute but poorly dressed 3WTC and the fat blob fatso of a friend, literally off-kilter, 2WTC. Undoubtedly WTC1 is the star of the group and the bad accompaniment would not be so bad if the similarities in height did not block its sheer superiority.

    Yeah it only rational to think that any new towers will get fatter and uglier, so long as they do so they hopefully wont get taller and more obtrusive of the little bit of skyline quality that is left...

  7. #1687
    Forum Veteran TREPYE's Avatar
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    Five views, five insipid infantile silhouettes; also obtrusive as hell. Either from Brooklyn, Queens, Bronx, Hoboken, Staten Island this is one shitty-ass 1300 foot tower -BRUTAL.

    http://www.nytimes.com/newsgraphics/...-trade-center/


    For the love of God and our ability to perceive aesthetics and seek tangible inspirations in such an important site, Ingels, erased this garbAge of a design and START OVER again, please, PLEASE!

  8. #1688

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    Pardon my language, but it's like a retarded twin tower.

  9. #1689
    Forum Veteran Tectonic's Avatar
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    Like the 'Central Park Tower' the facade could make or break. Not much room for being 'cheap' with this one.

  10. #1690

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    New York Post
    August 5, 2015

    Larry Silverstein seeking partner to build 2 WTC tower

    By Lois Weiss

    Larry Silverstein is seeking an equity partner or mezzanine debt investor to kick in roughly half a billion dollars toward the $4 billion tab to develop 2 World Trade Center, The Post has learned.

    While Real Estate Alert reported HFF has been hired to approach large investors, sources said a variety of mortgage brokerage and capital raising professionals are still being considered for the assignments.

    A dual track will be followed as the primary lending group will dictate the amount of cash required.

    A pension fund or sovereign wealth fund will be the likely source for the $500 million in mezzanine financing or equity with its return coming in the form of a preferred return or a stake in the 2.8 million-square-foot tower that Silverstein Properties would develop and manage.

    Almost 14 years after 9/11, the final tower will need several billion dollars in overall financing. The Liberty Bonds originally targeted for the WTC rebuilding are gone, having been used for other trade center towers and projects that ranged from One Bryant Park to the defunct sports museum.

    News Corp., which owns The Post, and 21st Century Fox have signed a letter of intent to occupy 1.6 million square feet on the lower floors of the 88-story building being designed by Bjarke Ingels Group.

    A lease signing could come by the end of this year, in which case construction would start next year with a target completion date in 2020.

    Silverstein declined comment through a spokesman. HFF did not return calls for comment.

    © 2015 NYP Holdings, Inc. All Rights Reserved

  11. #1691

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    Wall Street Journal
    November 3, 2015

    Wanted: Immigrant Funds to Build Final World Trade Center Tower

    Silverstein Properties markets EB-5 visa program in China, aiming to raise about $500 million

    By ELIOT BROWN

    To help finance construction of the final office tower to go up at the World Trade Center site, its developer is turning to aspiring immigrants.

    Silverstein Properties Inc. recently began a marketing push in China seeking investors to put in $500,000 apiece for 2 World Trade Center through the federal EB-5 visa program, which gives green cards to foreigners who invest in certain job-creating businesses.

    Silverstein’s goal is to raise about $500 million in low-cost financing for the lower Manhattan tower, according to marketing materials.

    The move is likely to draw scrutiny because the developer is benefiting from a provision of the program meant to aid rural areas and economically ailing neighborhoods. Such moves now are coming under fire in Congress, with critics saying the skyscrapers take money away from parts of the country where financing is scarce.

    Janno Lieber, who oversees the World Trade Center redevelopment at Silverstein, defended the company’s use of the program, saying new office towers create jobs for residents throughout the region across income levels.

    The developer is turning to the program for 2 World Trade Center, he added, because the tax-exempt financing that was critical for the completion of the other World Trade Center towers was used up building them.

    “In the absence of tax-free Liberty Bonds,” he said, “EB-5 is key to completing the rebuilding.”

    Silverstein is seeking to start the 1,270-foot-tall 2 World Trade now that it is negotiating a lease with 21st Century Fox and News Corp to occupy more than half the 2.8 million square foot tower. News Corp is the parent company of The Wall Street Journal, which would move to the tower.

    With a key portion of EB-5 due to expire Dec. 11, Silverstein’s turn to EB-5 for the tower intersects with a fight in Washington over similar large urban real-estate projects, which have dominated the program in recent years.

    Almost all of these projects, including a condo tower on “Billionaires’ Row” south of Central Park and the $20 billion Hudson Yards development west of Midtown Manhattan, are in prosperous neighborhoods but technically are considered “targeted unemployment areas.”

    That is because federal rules don’t specify area boundaries, but rather say only that such areas must have an unemployment rate that is 150% of the national average. So state governments and developers have created strangely shaped districts to make their projects qualify, a process known to critics as gerrymandering.

    Projects in these areas can raise money at $500,000 per investor, compared with $1 million outside—making fundraising far easier.

    The boundaries of the district for 2 World Trade Center couldn’t be learned. But when Silverstein raised about $250 million for a hotel and condo tower two blocks to the north, it used a district drawn by state officials that lumped the census tract containing the tower—whose unemployment rate was 3.8%—along with four others.

    The district extended south, off the southern tip of Manhattan, up the East River and back onshore at a set of public housing projects in the Lower East Side, according to a letter with the district boundaries posted on a Silverstein website. The unemployment rate after expanding the district was 12.7%.

    Such practices—now commonplace for Manhattan developments using EB-5—have angered those who want to see the program benefit rural and low-income neighborhoods, including the Senate Judiciary Committee Chairman Charles Grassley (R., Iowa).

    “Some projects are abusing the program by taking EB-5 money away from high unemployment and rural areas that truly need the capital,” Mr. Grassley said in a statement. “It only makes sense to stop allowing developers to use rivers and public parks to link their projects in affluent areas to areas with high unemployment and allow the funding to go to places that are truly in need of a helping hand.”

    Large developers and their backers in Congress have said jobs are created well beyond the small boundaries of a project’s census tract. Similar rules on the issue should remain in place, they say, allowing much of the nation to be considered a targeted employment area.

    Among the concepts being considered is a proposal to allow high-unemployment census tracts as well as other special economic development zones to qualify, a designation that could allow the World Trade Center itself to qualify given that the redevelopment of the site has been considered a government priority.

    Whatever happens with the program, Silverstein still would need to piece together other sources of financing for the tower. The company is expecting to finance construction with about $2 billion in bank debt, according to the advertising materials in China. It also needs hundreds of millions of dollars in equity, and it is out seeking partners, according to several people familiar with the financing.

    —Esther Fung contributed to this article.

    Copyright ©2015 Dow Jones & Company, Inc. All Rights Reserved.

  12. #1692

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    Didn't see that one coming.

  13. #1693

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    I can't wait to see this stunning tower rise. Hopefully, it will be done by the 20th anniversary.

  14. #1694

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    I'm actually hoping that the deal with murdoch falls flat forcing another redesign.

  15. #1695
    Senior Member treebeard's Avatar
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    Quote Originally Posted by scumonkey View Post
    I'm actually hoping that the deal with murdoch falls flat forcing another redesign.
    I'm with you. this one sucks

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