Quote:
Originally Posted by TechTalkGuy
The developer is being asked to pay for wider subway platforms?
Isn't that the responsibility of the MTA?
Perhaps they could pay a percentage of the cost?
|
Quote:
Originally Posted by Eveningsong
The state should be paying for transit improvements but because our muscle car loving governor has slashed funds from the MTA, none of that will happen anytime soon. I just hope SL Green doesn't end up building a cheap looking tower because of borrowing money for these expensive transit "improvements".
|
Well, consider that the City already has the option of bunus development rights for transit improvements (special permit). One of the things lost in Vornado's decision not to move forward with 15 Penn Plaza was the transit upgrades to and around Penn Station, including the reopening of the walkway connecting Penn Station with the PATH and 6th Ave lines. Those are transit improvements Vornado was making in exchange for nearly half a million square ft of additional development rights.
Quote:
Originally Posted by baseball1992
Yet everyone is pulling for PA to spend a billion+ on 3WTC, when it could instead go to transit.
|
Quote:
Originally Posted by Crawford
No one is even asking the PA for one penny for 3 WTC. They're asking for a loan guarantee, which cuts borrowing costs.
And the PA cannot just spend random money on transit.
|
Of course, if it were simply about cost vs. service improvement, the billions the PA spent on the new PATH hub would be questioned.
But yeah, it's not unusual for developers to provide additional improvements in exchange for development rights.