Phase I was built with the PILOT model as well, 10 HY (the first tower to rise in Phase I) didn’t have any tenants when it started construction and was essentially being built on spec when it started.
So there’s no reason to believe that they wouldn’t continue with Phase II under the PILOT model simply because they aren’t doing the casino with Wynn anymore. They still need to build the platform to begin construction on 3 of the towers though, the other 3 are on terra firma, though 2 of those 3 are being built above the gateway tunnel casing.
That’s not really the latest massing since they recently just changed it, that was the original makeup for the Site C alternate scheme, they’ve since introduced a throughway in the podium.
I wish there was a better pedestrian experience here. it looks like you just have the high line and some crosswalks. it doesnt look attractive to have to cross 7 lanes of traffic.
And how many Class A workers will there be in 5 years?
And 5 years is probably a gross overestimate
As one benchmark, the Census Bureau reports that it took around two decades for the personal computer to become ubiquitous after its introduction in the late 1970s. More recently, it took six to seven years for the smartphone to become ubiquitous in the U.S. after the first iPhone’s launch in 2007. By contrast, ChatGPT became the fastest-spreading tech platform in history, reaching 1 billion monthly visits (a rough proxy for users) just four months after its November 2022 launch.
The sectors that face the greatest exposure are dominated by higher-paying fields with advanced degree requirements, such as STEM pursuits, business and finance, architecture and engineering, and law, in addition to lower-paying, “middle-skill” office and administrative support occupations. Manually intensive, blue collar sectors face the least exposure, while lower-paid service sector jobs will also likely see more modest effects.
Look how quickly BXP leased out a tower yet to be built. 350P, 175P, 2WTC, 3 Hudson Boulevard all are very close to rise. 343 Madison, the current tower U/C at HY, and possibly PENN15. 13m sqf of class A on the pipeline.
My point being how much $ is willing to be invested to service a very small percentage of society. You could use those same $ to offer tax incentives to upgrade existing class B and C stock. WeWork is a very good example of a company eager to upgrade older spaces.
Your first sentence can be applied to deadbeat welfare recipients and other walks of life too. This is a mixed use project and a desired area, and the investment being on infrastructure. The hippie bullshit WeWork does will never be close to answer the demands of mega corporations, no money should be poured on it. You should be honest enough to acknowledge that most of those B-C buildings are being converted into residential.
Western Rail Yard. The office component of this development is a 2.8 msf tower. Development is dependent on public financing of a platform on the MTA rail yard.
