Quote:
Originally Posted by giantSwan
why not convert this to residential? there is seemingly no demand for commercial, yet residential demand is booming?
can anyone in the industry help me understand?
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I believe it is zoned for commercial only. They did rezone 5 WTC site for residential. It might be due to lack of other sites in lower Manhattan that could accommodate new commercial space, but I agree it should be rezoned to mixed use at the minimum. I think the Grand central area rezoning plans offers a blueprint for future lower Manhattan: When commercial interest revives or become a greater concern, they should rezone some of the smaller older building sites and older downtown blocks for commercial redevelopment like they have done for midtown Grand central. But I don't know if they would have a problem with such rezoning as lower Manhattan could possibly have more historical sites and restrictions.