I can’t really say anything right now because I could get in trouble, but there is a chance that the towers could be built around the same time as the main terminal. We shall see in a few years.
„ The office-tower scheme is designed to provide a big chunk of the financing for the project. The PA is hoping to develop payment-in-lieu-of-taxes agreements with NYC to build two towers of commercial space, providing about $2.5B in funding.“
So the PA is pouring 10B and building office towers in a somewhat competitive area with bigger players rather than helping get 2wtc off the ground… private or not…
Plus it begs the question of why the PA is involved with real estate development at all.
They won’t be. The office plots would be put out to bid to developers and the PA will lease the the site and air rights to them. Usually it’s a 99 year lease. This is pretty much the same arrangement that they had with the reconstruction of the WTC buildings. The office towers would be used as a partial funding mechanism for the bus terminal redevelopment using PILOT ( payment in lieu of tax’s )
Yeah, it’s essentially the same mechanism used to build the Transbay Terminal, Salesforce Tower, and the surrounding office district in San Francisco. It can be complicated, but I see it as a win/win for agencies and developers.
None of the aforementioned projects listed involved the NYC government developing any skyscrapers (the WTC wasnt developed by the PA, which is also not the NYC gov, it is a bi-state agency, it was developed in conjunction with/for them), all of those projects are infrastructure related, which of course is going to cost billions of dollars more than building a skyscraper because there’s much more agencies involved in the process and planning.
Off topic but the old MTA building in BK last I saw was an absolute mess and holding back the entire area.
Okay my Bad but overall those projects are still very expensive the only one which i actually understand the Price being penn station with many skyscrapers even supertalls and a full renovation, but PA is still has part the government even if interstate with a Lot of ties from the new York side, the same government who Made all of those projects i mentioned in that post.
As mentioned before the prices are high because they are infrastructure related, those prices do not include the cost of the skyscrapers around them because they are not apart of/necessary for the infrastructure project and because the PA, nor MTA, nor the State is developing them. The NYC nor the State gov is not developing anything, they contract or bid to developers to build the skyscrapers that in turn fund the infrastructure projects through taxes.
Irregardless, its not the fault of the gov if a skyscraper is not built (for the most part) that is on the developer and the conditions of the market.
Also of note…this project is a massive undertaking. It begins by the construction of the interim terminal and new ramping from the Lincoln Tunnel; this terminal will be the active bus depot for the duration of the rest of the project and then will be staging/storage site after completion of the new terminal. Then you have the existing terminal which will be demolished completely, down through the basement levels and then built up completely new with the latest standards needed for these depots. It is an extremely massive and complicated infrastructure project that will ultimately last as long as the current depot which was initially constructed in 1939 with an expansion in the 70’s…