Another great scoop by YIMBY! While this plan seems dead due to “Chairman Mao’s” limits on overseas development, hopefully, someone else will build it.
I’m way past excited for this!!! Its gonna be a hotel, that’s really cool!
KPF does better work in China than New York.
Don’t get too excited guys, this sounds incredibly unlikely.
While these Chinese mega firms have plenty of liquidity and can mount projects like these a dime a dozen, the government there (and here for that matter) is hesitant to allow them to do so.
If a Chinese-funded firm builds something here, it won’t be until 2030/40
God I wish this was happening. I am so sick of the hole that Bankers Trust being gone has left. 2 and 5 WTC NEED to happen already.
I agree. That’s why I called Xi “Chairman Mao.” I can’t stand that guy. (Not that he’s any worse than the lunatic running our country.) The world should be ruled by Justin Trudeau and/or Angela Merkel.
… or Kate Upton, but I won’t add my gif since some of us are offended by hot chicks.
The good thing though is that this shows that There’s interest to build a tall condo/hotel there.
I remember the murmurs of a Wanda supertall in NYC. I never would have imagined it was 5 WTC.
I counted 70 floors on the renders
The only thing I notices that it seems to be labeled as 1050 feet, which is just shorter than 3 WTC. Why would they make it so that the descending heights go as 1 WTC, 2 WTC, 3 WTC, 5 WTC, 4 WTC, then 7.
Maybe because it is a separate developer from the Port Authority/Silverstein? Not sure really.
Continuing the discussion from NEW YORK | World Trade Center District:
BY JOSH ROGERS | September 11, 2014
The World Trade Center’s epic disputes over power and money have for the most part been resolved, but there’s at least one remaining that could prevent construction of one of the proposed towers.
“We are at a stalemate with them at the moment,” David Emil, president of the Lower Manhattan Development Corp., told Downtown Express last week, referring to the corporation’s dispute with the Port Authority. “It’ll be years before it’s resolved.”
The L.M.D.C., a federally-funded corporation formed to manage Downtown’s post-9/11 recovery, owns the World Trade Center Tower 5 site, and Emil said the Port wants to take it over without paying any money.
The problem, Emil said, is the site is worth $300 million to $500 million, and in addition, the L.M.D.C. spent hundreds of millions to get the site ready for development — a figure that ballooned because of the plagued and long-delayed demolition of the Deutsche Bank building, where two firefighters were killed battling a 2007 blaze.
Emil said the Port is arguing that it effectively became the owner of the site under a 2006 agreement, and that the development corporation has been acting as the Port’s agent.
“We say, yeah, that may be. If we were your agent, you have to pay us the $300 million that it cost to take this thing down, to which they say no, that was your problem you owned it — you see, you can’t have it both ways guys,” Emil said during an impromptu interview at the site Sept. 2nd, after a ceremony celebrating the opening of a temporary green market and public plaza there.
Last week, the Port Authority did not dispute Emil’s characterization of the situation, and a spokesperson declined to comment for this article.
On Tuesday, Scott Rechler, the Port’s vice chairperson, said the higher demolition costs were not a reason to revisit the agreement, but he also thought the dispute would not lead to delay.
“We’re going to live by the agreements of ‘06, and I think everyone will – to move it forward,” he told Downtown Express Sept. 9.
The 2006 deal, a memorandum of understanding between the Port and the L.M.D.C., involved a land swap of the Tower 5 site and the World Trade Center’s Performing Arts Center site.
The Port had originally planned to develop the site as an office tower but after a 2007 deal to move JP Morgan Chase headquarters Downtown fell through, it has since said it would wait for the market to dictate the best use of the site.
Emil said the Port is still looking to develop the site commercially, but the L.M.D.C. feels the quickest and most lucrative way to proceed is to build a residential tower.
Ultimately, when it comes to selling assets at the World Trade Center site, the decision comes down to a one-time injection of capital, or a sustained income stream.
There is another property with more flexibility that could be placed on the market — the Tower 5 site, or the location of the former Deutsche Bank building that sits just south of the World Trade Center campus proper. The site, currently zoned for 1.5 million square feet of commercial use, is owned by the Lower Manhattan Development Corporation, which struck an agreement in 2006 to swap the land for a site on the WTC campus where it would build a performing arts center.
The Bloomberg administration had pushed to convert the site to 1.2 million square feet of residential use, but the LMDC and the Port Authority have been deadlocked for the past few years over the swap. The site is reported to be valued at $300 million to $500 million.
I wouldn’t be surprised if Silverstein buys the site. I’d like to see Norman Foster design 5 WTC, he still deserves to make his mark on the WTC complex.
Nice, that would be fantastic.
Bjarke’s tower at tower 2 and Foster’s at Tower 5. Pure ecstasy!
I would like that as well, CityGuy87! This would be very good for the site and for Lord Norman Foster as well!
He’s a great architect after all!
He would design a beautiful and symbolic building, just like he did with the previous Tower 2!
I think this site in Lower Manhattan can handle a mixed-use building, a bold statement perhaps from OMA or Morphosis to complement the collection of styles.
Even though there is very little chances for this building, I think it’s dead. Dead since 2008