The Related Cos.' chairman and CEO Steve Ross began the festivities by celebrating the placement of the final piece of steel on the structure. Related Cos. is developing the project in conjunction with Apollo Real Estate Advisers and The Palladium Co.
"I go back 50 years when this site was being cleared for another landmark facility, the Coliseum," related Bill Mack, founding partner of Apollo. "Now that the Coliseum has become outdated we are here again to bring in another landmark building. AOL Time Warner Centre will create a 24/7 community right here in Central Park to spur the rebirth of this area."
Creating that community proved a tough task, according to Palladium president and CEO Ken Himmel. "I've faced no greater challenge in my career, than the challenges I've faced in assembling this development," Himmel said. "Nowhere in the world has anyone combined vertical retailing, office space, restaurants, a live performance center, luxury condominiums and a hotel. It is our goal to create a project to attract the next generation to live and work here."
A sentiment Mayor Bloomberg is banking on. "Seventy-one years ago next month there was an American flag raised as part of the topping-off ceremony of the Empire State Building, one of the signature elements of New York City," Bloomberg pointed out. "The fact that Jazz at Lincoln Center is a part of this development makes it all the more important to the city. In addition, this development represents the confidence that several industries have in New York City."
The new complex will include 864,000 sf of office and studio space for AOL Time Warner, 204 condominiums, a 251-room hotel, jazz performance spaces and 210,000 sf of office space.
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