Posted Nov 4, 2010, 6:33 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 52,787
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CB1 still wants the PAC at tower 5, though the PA and City are already moving in another direction...
http://www.downtownexpress.com/de_393/possibly.html
Possibly a watershed year for Lower Manhattan
BY Julie Menin
November 3 - 9, 2010
Quote:
The L.M.D.C. recently completed a feasibility study for the W.T.C. Tower 5 site, where the demolition of the Deutsche Bank building is nearly complete. The study has not been publicly released, but it should be now, as the public has a right to assess this option. I have reviewed the document, and it indicates that we can build the P.A.C. now on Tower 5, where the study says it would cost $325 million. Given that LMDC has already allocated $50 million to the P.A.C. project, the additional $100 million would get us a good part of the way there.
In contrast, proceeding to build the PAC at Site 1B, which will not be ready for many years, has been estimated to cost $450 million. Given the tortured history of the W.T.C. site, it is likely that by that time, costs will have increased significantly, and with each passing year, it will only become more difficult to build. To build on a site that is $125 million more expensive and one where we cannot start construction for some time does not make sense. For these reasons, I have urged the city to seriously consider the Tower 5 site or any other alternative that could expedite construction of the P.A.C. downtown.
According to the feasibility study, the P.A.C. could be built at the base of Tower 5, with a possibility for mixed use above it, providing an opportunity for much needed 80/20 affordable housing.
Currently, there is just one cultural tenant (the Joyce Theater) slated for the P.A.C. Originally there were to be four cultural tenants on the site and I call on the city to reopen the process of selecting tenants for the P.A.C. so that other world-class institutions can take up residence there along with the Joyce Theater. For the P.A.C. to be a truly world class cultural center, we need a mix of cultural tenants—including visual arts, theater and music. We should now begin a worldwide search to add additional tenants to the project.
In short, we have real work ahead of us but also a tremendous opportunity – one we cannot afford to squander. We are on the brink of groundbreaking new possibilities in Lower Manhattan, and the year 2010 may be seen in the future as a watershed for the downtown community—the year we persevered despite extremely tough economic times, and finally made some major headway at the World Trade Center site and gave a critical boost to the redevelopment of our community by finding and reclaiming $275 million.
Julie Menin is Chair of Community Board 1 and also sits on the L.M.D.C. Board of Directors.
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