Quote:
Originally Posted by k1052
Penn Station redevelopment isn’t dead yet, Gov. Hochul says
https://gothamist.com/news/penn-stat...ov-hochul-says
Crux is Vornado will move ahead on a far slower timeline (interest rates up, office market terrible) so revenue isn't available to pay for much of the plan. The only options I see on the table are to switch uses (huge amount of residential) or dramatically scale back state ambitions.
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I don’t see a need to switch anything. The plan was already adjusted to allow a switch to residential on a couple of towers. But Vornado only accounts for half of the towers, and only one was planned to go forward in the near term (15 Penn). As far as we can tell, that may still happen. The hotel itself should be demolished by next year, but one comment from Vornado - who’s known for changing gears on development, shouldn’t throw anything into chaos. But the media would have it no other way. (Who wants to read that things are going according to plan?)
The thing about the other half of the planned tower development is tgat they can’t issue an rfp for the sites until the federal government formally announces the south expansion. But yeah, the tower development was always looked at as taking place over the long term.