HomeDiagramsDatabaseMapsForum About
     

Go Back   SkyscraperPage Forum > Global Projects & Construction > Supertall Construction


Two World Trade Center in the SkyscraperPage Database

Building Data Page   • Comparison Diagram   • New York Skyscraper Diagram

Map Location
New York Projects & Construction Forum

Reply

 
Thread Tools Display Modes
     
     
  #6081  
Old Posted Jan 12, 2024, 10:47 PM
NOPA NOPA is offline
Registered User
 
Join Date: May 2010
Location: New York City
Posts: 320
At what point can the City find a different developer for this site if Silverstein does not complete this tower? Does anyone know. Surely they can’t sit on it forever?
Reply With Quote
     
     
  #6082  
Old Posted Jan 12, 2024, 11:26 PM
UrbanImpact's Avatar
UrbanImpact UrbanImpact is offline
Registered User
 
Join Date: Jul 2002
Location: Fort Lauderdale, FL
Posts: 1,347
Quote:
Originally Posted by NOPA View Post
At what point can the City find a different developer for this site if Silverstein does not complete this tower? Does anyone know. Surely they can’t sit on it forever?
Im not sure who owns WTC2 , Silverstein or The Port Aithority, but, I would say no. A property grab would scare tenants away even more than they are now. Do you want NYC to pay all those legal fees that would surmount?
Reply With Quote
     
     
  #6083  
Old Posted Jan 14, 2024, 7:21 PM
BanBrokenChatBots's Avatar
BanBrokenChatBots BanBrokenChatBots is offline
Registered User
 
Join Date: Sep 2023
Posts: 58
Quote:
Originally Posted by UrbanImpact View Post
The original design, while beautiful, is outdated. Don't forget that Foster designed the building nearly 20 years ago. The amenities that tenants require today, especially post-pandemic like scattered outdoor space throughout a building, are unachievable with the previous design.

The original Foster diamond design as mentioned before by most non bots is the best architecturally and respects the monument below. At 2.2 MSF it has larger floor plates to meet the demands of a financial firm like American Express.

To say it's outdated is absolutely silly as it does have an outdoor podium at its base for its tenants. That's like saying one world trade center and the rest of the complex at Hudson yards are outdated because they don't have terraces with trees on it which as we've noted before is an outdated trend which we hope goes away soon.
__________________
"To Make Honey, Young Bee Need Young Flower, Not Old Prune." Mr. Miyagi'
Reply With Quote
     
     
  #6084  
Old Posted Jan 14, 2024, 7:35 PM
NYguy's Avatar
NYguy NYguy is offline
New Yorker for life
 
Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,692
Quote:
Originally Posted by NOPA View Post
At what point can the City find a different developer for this site if Silverstein does not complete this tower? Does anyone know. Surely they can’t sit on it forever?
Silverstein Properties signed a 99 year lease with the Port Authority in 2001 (shortly before 9/11) to run the office space at the WTC. By lease, they are required to replace that space, which they rent, but do not own. The City has no bearing on it, as it is owned by the Port Authority, a state agency. That's why all of the WTC approvals go through the state.
__________________
NEW YORK is Back!

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Reply With Quote
     
     
  #6085  
Old Posted Jan 18, 2024, 7:00 PM
MercurySky's Avatar
MercurySky MercurySky is offline
Registered User
 
Join Date: Mar 2005
Location: Cleveland, Ohio
Posts: 391
The original is the best but it needs to be taller by about 200 feet.
Reply With Quote
     
     
  #6086  
Old Posted Jan 20, 2024, 12:31 AM
worldtrade2021 worldtrade2021 is offline
Registered User
 
Join Date: Oct 2021
Posts: 239
Apparently a lot of office leases will be expiring from 2024 through 2028. This could impact newer office building competition for tenants. Companies currently housed in smaller, older buildings with leases that will be expiring and that still plan on expanding their office footprint might seek to move into proposed office towers that have not yet been constructed. However, most companies still seem to be more interested in moving into existing office towers in Midtown and Hudson Yards.

https://commercialobserver.com/2024/...t-cmbs-market/

Quote:
Wave of Office Lease Expirations Set to Impact CMBS Market
By Mike Haas January 16, 2024

Office vacancies nationwide reached an all-time high at the start of the year, and CRED iQ’s data shows roughly 217 million square feet of office space have leases with expiration dates in 2024 or 2025. As tenants regroup and resize their office footprints, CRED iQ explored the intersection of record vacancy rates with near- and medium-term lease expirations.

Downsizing and non-renewal by office tenants is a contributing factor to headwinds facing the office sector, which has been plagued by sustained growth of remote working and tenants’ need to shed space, reduce real estate costs, and right-size physical footprints during a period of economic uncertainty.

A high-level view of lease expirations provides a general sense, or foreboding in some instances, of the mechanics that the office sector needs to work through as the property type falls out of favor with lenders, investors and other commercial real estate industry constituents. Lease expiration analysis offers an important dimension to evaluate when and where the next pockets of elevated office distress will materialize.

Office collateral has been a primary contributor to incremental distress in CRE throughout 2023. CRED iQ’s distressed rate for CMBS office loans, which includes delinquent loans and specially serviced loans secured by office collateral, was 9.9 percent as of December 2023. Furthermore, the distressed rate for office collateral has more than doubled compared to 12 months prior.

CRED iQ examined over 866 million square feet for CMBS office and mixed-use collateral properties. For this exercise, CRED iQ focused on lease rollover over the next five-plus years. It should be noted that office collateral securing CMBS does not represent the entire office market, but rather serves as a proxy to identify challenges facing the larger universe of office properties.

Our analysis found that more than 500 million square feet of net rentable area (NRA) is scheduled to expire over the next five years for office and mixed-use properties secured by CMBS loans, and that 112 million square feet of office space is set to expire in 2024. Another 105 million square feet is also slated to expire in 2025 for a total of 217 million square feet of near-term rollover risks.

Lease expiration figures were further parsed by geographic location to provide a granular view by metropolitan statistical area (MSA). A detailed view of lease expirations by individual office markets helps identify which MSA vacancy rates are at risk of being stressed. The data was parsed to isolate the next two years and the next five years.

In both time frames, the New York region had the highest gross space in the country and the most leases scheduled to expire. More than 173 million square feet of leases in the New York region are scheduled to expire in through 2028, with 32 million square feet scheduled to expire in 2024 and 2025.

Other noteworthy regions with elevated lease rollover in the next two years include the markets of Los Angeles (15 million square feet), Chicago (12 million square feet), Philadelphia (9 million square feet) and San Francisco (8 million square feet), accounting for an aggregate 44 million square feet.

Major office assets to monitor in 2024

The $940 million loan secured by the Worldwide Plaza office tower in New York City will be facing increased vacancy in 2024 with 33 percent of the NRA scheduled to expire. The 2024 lease rollover is highly impacted by the second-largest tenant, Cravath, Swaine & Moore’s lease expiration on Aug. 31. The tenant currently represents 30 percent of the NRA and has confirmed it will be terminating its lease at expiration to downsize and relocate to Hudson Yards. Two additional top five tenants have leases scheduled to expire in the next five years including Worldwide Plaza Garage (6 percent NRA, 2027) and WNET.org (5 percent, 2026). The property was 91 percent occupied as of September 2023.

More than 1,500 leases from tenants that are the sole occupant of a property are scheduled to expire in the next five years. This represents 161 million square feet (19 percent) of the total NRA set to expire. Over 275 leases are scheduled to expire in the next two years, however the highest number expire in 2028.

The Google and Amazon office portfolio is backed by two sole-tenant office properties in the San Jose market. The Technology Corners property (700,000 square feet) and Moffett Towers Building D (357,000 square feet) are leased by Google and Amazon, respectively. Google accounts for 66 percent of the portfolio NRA with a lease expiration scheduled on Sept. 30, while Amazon’s lease expires on Feb. 29. Neither tenant has early termination options, however Google has a seven-year renewal option and Amazon has two seven-year renewal options. Servicer commentary indicates the borrower is negotiating with Google for a renewal. On top of the upcoming lease expirations, the $412.4 million loan is scheduled to mature this month.

To be fair, many tenants will renew or even expand footprints in certain office buildings. However, rising vacancy rates — in excess of 20 percent and even reaching 30 percent in certain markets — indicate a high level of risk that many tenants will downsize or fail to renew altogether. Lease expirations may have possibly favorable outcomes for office landlords, including a renewal or a new direct lease that resets rents higher if market conditions allow. However, high vacancies and downward pressures on net effective rents may lead to reductions in cash flow and trigger subsequent distressed scenarios.

Mike Haas is the founder and CEO of CRED iQ.
https://www.thecity.nyc/2023/12/19/t...ice-space-nyc/

Quote:
Nowadays, Hudson Yards buildings are collecting the highest office rents in the city — as Cushman & Wakefield noted in a 2022 study done for a Hudson Yards Infrastructure Corp. bond prospectus. Asking prices for the Hudson Yards offices averaged about $118.54 per square foot, or 80% higher than for the supposedly comparable office buildings in the Penn Station area.

The bottom line, the academic study finds, is that “the tax breaks were likely unnecessary.”

Rachel Weber, a co-author who is a professor of urban planning and policy at the University of Illinois in Chicago, said that when major developments are planned, there is often uncertainty about the property value, an ambiguity that can be exploited.
Ultimately, the majority of Hudson Yards office tenants moved in from other parts of the city, especially Midtown — where office vacancy rates are now much higher.

“I would just argue that a lot of the subsidy to Hudson Yards ended up just costing other parts of Manhattan,” Weber said.
Reluctance of banks to issue loans and high interest rates have also been a persistent issue in the last few years in addition to competition from Midtown and Hudson Yards and remote work:

https://www.cbsnews.com/news/empty-o...es-60-minutes/

Quote:
But it's not just the real estate industry that is impacted. The effects of vacant office space could ripple through the economy because many buildings are financed through short-term loans from banks. If real estate firms are unable to make rent money from commercial tenants, they may default on their loans, increasing the risk for banks.

Refinancing no longer a given for office loans

Work-from-home has also been a drag for real estate companies like SL Green, who have seen shares tumble since the pandemic, even as they pay down their building loans. Commercial real estate is a world built on loans –big ones– and the assumption is that those loans can be refinanced, with little friction, every 5 to 10 years, but that's not the case anymore.

To complicate matters for office building owners, interest rates have spiked to historic highs, and now the mortgage is coming due: $1.5 trillion in commercial real estate loans expire in the next two years, according to analysts.

Banks used to be willing to lend real estate companies more for buildings, Van Nieuwerburgh said. Now office owners will be forced to either pay out of pocket to make up the difference or walk away.

"And to make matters worse, interest rates are now much higher. Interest rates have essentially doubled," he said. "So the cost of that new mortgage, even if you can get one, will be much higher."

Office building troubles bleed into the banking sector

Commercial real estate plays a huge role in the typical bank's business, according to Van Nieuwerburgh.

"And I'm talking mostly about these smaller and medium size, maybe regional banks," Van Nieuwerburgh said. "They have a lot of exposure. That is their bread-and-butter activity. About 30% of all their loans are commercial real estate loans."

Van Nieuwerburgh sees it as a potential crisis.

In December, nationwide office loan delinquency rates were around 6% — almost four times what they were a year ago — but banks have been reluctant to write down those losses.

David Aviram from Maverick Real Estate keeps tabs on the debt on every office building in New York City and buys distressed debt on the cheap. He says New York is awash in billions worth of commercial real estate loans at risk of not being paid.

"We know that there's this buildup of bad debt in the system, but it's not being dealt with just yet," he said. "And it's in large part because the banks have been kicking the can down the road as best they can, trying to push this off as far as they can."

What does that mean?

"It means that banks are entering into extensions on a lot of their bad loans, which essentially changed their classification from a nonperforming loan, a loan that's in distress, to a performing loan, a healthy loan, even though they haven't received a pay down on the loan and the collateral value on that loan continues to drop," Aviram said.

The "urban doom loop"

It all makes for a familiar tune –a downturn in real estate, made worse by bad loans, contaminates banks and, potentially, the entire economy. Echoes of the global financial crisis of 2008 are hard to ignore. Whether the trouble with offices ends in a simple pricing correction or becomes a systemic crisis, likely there's pain coming for building owners, banks and for cities themselves.

"In the long run, property taxes on those buildings will also fall by 40%. And these commercial property tax revenues are an important component of the budget of local governments, which means less money for police departments, public safety, less money for sanitation, trash collection," Van Nieuwerburgh said. "And some people are going to decide that, you know, the quality of life has deteriorated too much and they want out. And, in fact, that's what we've seen."

According to Van Nieuwerburgh, America's 10 largest cities have lost about 2 million residents in the last three years. That also means their tax base is smaller.

"And now the cycle continues," Van Nieuwerburgh said. "And we end up in something that we have called an urban doom loop."

Last edited by worldtrade2021; Jan 20, 2024 at 12:50 AM.
Reply With Quote
     
     
  #6087  
Old Posted Jan 21, 2024, 12:41 AM
NYguy's Avatar
NYguy NYguy is offline
New Yorker for life
 
Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,692
Quote:
Originally Posted by worldtrade2021 View Post
Apparently a lot of office leases will be expiring from 2024 through 2028. This could impact newer office building competition for tenants.
This is always the case though. Every year, there are multiple leases that expire, meaning companies have to search years ahead of time for options, including the option of extending an existing lease.



Quote:
However, most companies still seem to be more interested in moving into existing office towers in Midtown and Hudson Yards.
This is also always the case. Most companies sign extended or new leases in already existing office buildings. Only a small fraction opts for the newest space (though that may be increased a little post-pandemic). But even a small fraction of office users in New York seeking new construction means there will be quite a bit of new construction. There is a tremendous amount of office space in New York.
__________________
NEW YORK is Back!

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Reply With Quote
     
     
  #6088  
Old Posted Jan 22, 2024, 2:53 PM
Streamliner's Avatar
Streamliner Streamliner is offline
Frequent Lurker
 
Join Date: Nov 2001
Location: San Diego, California
Posts: 568
While I get that the newer designs are probably better for today's tenants than Fosters 2006 design, I and apparently many others, have trouble getting over the loss of the iconic diamonds. My main issue with the newer designs is that they look bland from the "front" (from the memorial), though they look really interesting from the back. I wish they could simply add the diamond element to the newest Foster design. I saw someone on reddit mocked it up, which I think would look good:


Imaginary diamond version via Reddit
Reply With Quote
     
     
  #6089  
Old Posted Jan 23, 2024, 12:40 AM
NYguy's Avatar
NYguy NYguy is offline
New Yorker for life
 
Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,692
Quote:
Originally Posted by Streamliner View Post
While I get that the newer designs are probably better for today's tenants than Fosters 2006 design, I and apparently many others, have trouble getting over the loss of the iconic diamonds.

But you will. I don't enjoy looking at the Freedom Tower, and remembering that we were supposed to get a proper spire. Were it up to me, we would have it. But it's not. Silverstein Properties may change the design of Tower 2 yet again, to some unseen design. Who knows. Whatever the case, it is within their right to design a building they think will get it actually built. Time will tell what that is. But it certainly hasn't been the "diamond" design. And may not be any we've seen.
__________________
NEW YORK is Back!

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Reply With Quote
     
     
  #6090  
Old Posted Jan 23, 2024, 1:00 AM
BanBrokenChatBots's Avatar
BanBrokenChatBots BanBrokenChatBots is offline
Registered User
 
Join Date: Sep 2023
Posts: 58
Quote:
Originally Posted by Streamliner View Post
While I get that the newer designs are probably better for today's tenants than Fosters 2006 design, I and apparently many others, have trouble getting over the loss of the iconic diamonds. I wish they could simply add the diamond element to the newest Foster design. I saw someone on reddit mocked it up, which I think would look good.
Here is Foster's OG tower with the horrible looking tree or moss terraces everyone thinks they need but never is implemented correctly. If AMEX moves across the street they'll need trading space + larger floor plates of the original design. Lets get her done already Larry + Port Authority.


credit - skcr
__________________
"To Make Honey, Young Bee Need Young Flower, Not Old Prune." Mr. Miyagi'
Reply With Quote
     
     
  #6091  
Old Posted Jan 23, 2024, 1:22 AM
NYguy's Avatar
NYguy NYguy is offline
New Yorker for life
 
Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,692
I think you folks should probably be more concerned with Silverstein Properties landing a tenant to get this tower built over what version of the tower they will go with. In the end, that's what will get any tower built on site, "diamonds" or not.
__________________
NEW YORK is Back!

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Reply With Quote
     
     
  #6092  
Old Posted Jan 23, 2024, 6:10 PM
Zapatan's Avatar
Zapatan Zapatan is offline
DENNAB
 
Join Date: Aug 2009
Location: NA - Europe
Posts: 6,009
At this point any design would be great but considering 175 and 350 Park Avenue seem to be progressing and searching for tenants, as will the other new potential Midtown supertalls/skyscrapers, I feel like this one is a ways out.

Although I guess downtown has a certain charm, you never know. As much as I like to be optimistic I also feel we could be waiting another 20+ years on this, if it ever happens at all.
Reply With Quote
     
     
  #6093  
Old Posted Jan 24, 2024, 12:16 AM
worldtrade2021 worldtrade2021 is offline
Registered User
 
Join Date: Oct 2021
Posts: 239
Quote:
Originally Posted by NYguy View Post
This is always the case though. Every year, there are multiple leases that expire, meaning companies have to search years ahead of time for options, including the option of extending an existing lease.


This is also always the case. Most companies sign extended or new leases in already existing office buildings. Only a small fraction opts for the newest space (though that may be increased a little post-pandemic). But even a small fraction of office users in New York seeking new construction means there will be quite a bit of new construction. There is a tremendous amount of office space in New York.
Just as much as office space competitiveness, remote work and the usual practices of companies, imo politics and world events is also playing a role.

For one, a lot of mayors after Michael Bloomberg just don't seem as interested in encouraging office space development in Lower Manhattan and have mostly written off the region as more of a residential area whose priority is more affordable housing.

For another, supply chain shortages from the pandemic and war between Ukraine and Russia have driven up inflation, which has resulted in the federal reserve increasing interest rates to reduce inflation. This has meant that seeking loans from banks for financing new construction of office space has been less of a promising commitment since banks currently seem less willing to issue new loans for construction.

Imo the most likely scenario where it becomes more likely for construction on Two World Trade Center to resume is if the federal reserve lowers interest rates within the next few years and Silverstein Properties relaxes its insistence on having an anchor tenant before beginning construction. Building on spec could again become less of a risky decision when the cost of construction materials is not as high and banks are more willing to issue loans for new construction.
Reply With Quote
     
     
  #6094  
Old Posted Jan 24, 2024, 1:10 AM
NYguy's Avatar
NYguy NYguy is offline
New Yorker for life
 
Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,692
Quote:
Originally Posted by worldtrade2021 View Post
For one, a lot of mayors after Michael Bloomberg just don't seem as interested in encouraging office space development in Lower Manhattan and have mostly written off the region as more of a residential area whose priority is more affordable housing.
You're all over the place. But there is no special need to encourage office space development in LM because there really is nowhere to build it. Tower 2 is in the hands of Silverstein Properties, a company that has built and fully leased 3 WTC towers (and got the Freedom Tower to the point of construction). Companies that will lease space go through a rigorous process to determine where they will land. And more times than not, that will be somewhere in Midtown. And as I've said before, that won't change.
__________________
NEW YORK is Back!

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Reply With Quote
     
     
  #6095  
Old Posted Jan 24, 2024, 2:57 PM
worldtrade2021 worldtrade2021 is offline
Registered User
 
Join Date: Oct 2021
Posts: 239
Quote:
Originally Posted by NYguy View Post
there is no special need to encourage office space development in LM because there really is nowhere to build it.
Is there nowhere to build it because of how LM is mostly residential space now?

Quote:
Tower 2 is in the hands of Silverstein Properties, a company that has built and fully leased 3 WTC towers (and got the Freedom Tower to the point of construction). Companies that will lease space go through a rigorous process to determine where they will land. And more times than not, that will be somewhere in Midtown. And as I've said before, that won't change.
At some point wouldn't Silverstein Properties have to change their strategy of seeking an anchor tenant before deciding to resume construction if it's repeatedly clear that the strategy of releasing a new re-design every few years or so isn't convincing many prospective tenants and not bringing the building any closer to resuming construction? Or is Silverstein Properties absolutely locked into the strategy of seeking an anchor tenant before they can resume construction and that is the only approach they can pursue for trying to resume construction on this building?

Because unless they are still open to building on spec when doing so is less risky than now, from the looks of things, construction of this building could continue to be stalled for many more years if not a few more decades as others in this thread have suggested. To those not familiar with the process involved in securing an anchor tenant for high rise buildings in NYC, such a delay in fully completing construction on the wtc site would not reflect well on NYC nor the wtc site itself, although that doesn't seem to be enough of an incentive for developers to try and get this tower built sooner.
Reply With Quote
     
     
  #6096  
Old Posted Jan 24, 2024, 3:12 PM
NYguy's Avatar
NYguy NYguy is offline
New Yorker for life
 
Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,692
Quote:
Originally Posted by worldtrade2021 View Post
Is there nowhere to build it because of how LM is mostly residential space now?

Lower Manhattan is a small and tightly built section of Manhattan. There are no vacant lots to build office, particularly of the kind you see going up in specific areas like Hudson Yards and Midtown East. It’s why I’ve always said the site of tower 5 should be reserved for office. Residential can squeeze in just about anywhere, including new construction and conversions.
__________________
NEW YORK is Back!

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Reply With Quote
     
     
  #6097  
Old Posted Jan 24, 2024, 6:10 PM
Captainnemo Captainnemo is offline
Registered User
 
Join Date: Jan 2019
Posts: 6
Question what is the succession plan for Mr. Silverstein? Just wondering if the decision maker next in-line might be more amenable to building on spec sooner than later?
Reply With Quote
     
     
  #6098  
Old Posted Jan 24, 2024, 7:50 PM
UrbanImpact's Avatar
UrbanImpact UrbanImpact is offline
Registered User
 
Join Date: Jul 2002
Location: Fort Lauderdale, FL
Posts: 1,347
Quote:
Originally Posted by Captainnemo View Post
Question what is the succession plan for Mr. Silverstein? Just wondering if the decision maker next in-line might be more amenable to building on spec sooner than later?
Would you spend billions of $ to take a huge loss? It would be foolish, nor would anyone agree to go that route.

Last edited by UrbanImpact; Jan 24, 2024 at 8:02 PM.
Reply With Quote
     
     
  #6099  
Old Posted Jan 24, 2024, 8:53 PM
worldtrade2021 worldtrade2021 is offline
Registered User
 
Join Date: Oct 2021
Posts: 239
Quote:
Originally Posted by NYguy View Post
Lower Manhattan is a small and tightly built section of Manhattan. There are no vacant lots to build office, particularly of the kind you see going up in specific areas like Hudson Yards and Midtown East. It’s why I’ve always said the site of tower 5 should be reserved for office. Residential can squeeze in just about anywhere, including new construction and conversions.
Unfortunately local council members pushed for tower 5 to consist of majority housing so tower 5 being reserved for office is probably not happening without a major outcry and attempts at stalling construction of tower 5 from them.

Back to the design aspect of this building, the layout of the site makes it difficult to envision what design would best attract tenants over other destinations in the city. As you and others have discussed before, any twin effect of One WTC and Two WTC would not be possible given the current layout of the site.

It's also not likely that Two WTC would be able to be built taller than One WTC's rooftop.

Many people are imo too fixated on the diamond design that is not likely making a reappearance as a prospective design any time soon.

So what design do you think would best attract tenants from the perspective of creating a formidable skyline? Because other than changing the footprint of the tower to make it wider and building an essentially rectangular building not unlike 3 WTC and 4 WTC, it's tough to see what design is going to make the site stand out in a unique way. Redesigns highlighting the possible geometric complexity and terraces of the future tower don't look like they are leaving a lasting impression on tenants. The address and site itself doesn't appear to be a unique enough selling point. Even amenities and themes focused on sustainability and flexible workspace don't seem like they are winning prospective tenants over. All this time too, Silverstein Properties only drops vague hints at some interest from tenants, only for that news to fade and no further development to come of it after.
Reply With Quote
     
     
  #6100  
Old Posted Mar 10, 2024, 12:42 AM
worldtrade2021 worldtrade2021 is offline
Registered User
 
Join Date: Oct 2021
Posts: 239
From what is going on with 5 WTC and how construction has not started since fund allocation has not yet been finalized, it's possible that the order in which there will be a real start to construction of Two WTC is (in order):

1. anchor tenant is announced for whatever is the current design

2. committee meetings are held on allocating funding for any housing or hotel space in the tower

3. after construction is approved another meeting is held finalized funding

4. construction actually begins

Currently, not even step 1. has been reached. Previously, it was thought to be reached when 21st Century Fox Inc and New Corp expressed interest in 2015, before backing out in 2016. When step 3. is reached like it has been with 5 WTC is probably when there will start to be more guarantees about what the final design and construction time table will be like.


Regarding Larry Silverstein's plans, it is looking very possible that he will regretfully not see completion of this tower, if this story of another one of his projects is anything to go by:

https://therealdeal.com/new-york/202...s-megaproject/

Also apparently Marty Burger is no longer at Silverstein Properties

Quote:
Burger was ousted as Silverstein Properties’ CEO in October and replaced by Silverstein’s daughter, Lisa. He was coy about his plans for the future, though he indicated that he wants to stay in the same line of work.

“Development is the lifeblood of New York City,” he said. “I’m excited about figuring out what I’m going to do next, but more importantly what’s going to happen in New York City.”
Marty Burger looks to be focusing on office to residential conversion, which could indirectly reduce competition of existing office spaces.

https://therealdeal.com/new-york/202...ein-departure/

Hence for any news regarding Two WTC, it might come not from Larry Silverstein nor Marty Burger, but from Larry's daughter Lisa.

https://www.silversteinproperties.co...Executive-Team
Reply With Quote
     
     
End
 
 
Reply

Go Back   SkyscraperPage Forum > Global Projects & Construction > Supertall Construction
Forum Jump


Thread Tools
Display Modes

Forum Jump


All times are GMT. The time now is 6:15 AM.

     
SkyscraperPage.com - Archive - Privacy Statement - Top

Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2024, vBulletin Solutions, Inc.