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Originally Posted by ablerock
Second, is the author of that article confused, or am I? In the beginning, the article says the 50 mil is for the organization, then later, asserts it won't be nearly enough to cover construction costs. Won't Related pay for the building and the 50 mil is for the Culture Shed org to rent the space, launch the organization, and day-to-day operations? Or the developer expects the Culture Shed organization to foot the bill for construction of the structure as well? And then the Culture Shed org will own it? It seems like someone's going to make a ton of money from this space renting it out to events like NY Fashion Week. I don't see why Related wouldn't want to own/pay for the Culture Shed and make bank renting it out. Sorry to be obtuse just trying to wrap my head around who owns what and who's paying for what.  |
Remember, the Culture Shed is a separate entity, not a project of Related's. It's one of the holdovers from the original site plan that hasn't changed over the various proposals for the site. It was there before Related was selected as a developer. The building itself was "moved over", and merged with the tower (which itself wasn't always a part of the plan) to create more open space. It's actually the reverse of what happened with the Freedom Tower, which original was to have its cultural center (PAC) configured with the base of that tower, before it was separated.
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the city would own the lease for the land and building, subleasing it to the arts group.
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