The land in question is situated along the north side of Vesey Street from Washington Street to West Broadway and is 26 ft wide at its widest point. By claiming it for the new 7 WTC, the state, through the Empire State Development Corp., will enable leaseholders Con Ed and Silverstein to proceed with a plan to redevelop the site on a smaller footprint while reinstating the street grid.
Under the design submitted by Silverstein and Con Ed, the new 7 WTC would be bordered by Barclay Street on the north and Washington Street on the west. Its eastern boundary would recreate the former Greenwich Street corridor, which was blocked by the original 7 WTC, and its southern border would be the new northerly line of Vesey Street. Silverstein has hired Tishman Contruction Corp. as well as architecture firms Skidmore, Owings & Merril and Cooper Roberts Simonsen for the project.
"These plans open the door for the rebuilding of the Con Ed substations lost in the collapse of World Trade Center 7," Bloomberg says. "It is important that we proceed with the plans for a new substation, better and more modern than it was before, in order to meet the energy needs of the community as we look towards the rebuilding process."
The eminent domain plan--which the city has agreed not to contest--would entail ESDC taking ownership of the land and then transferring title to the PA. The property would then be included in the leases with Con Edison and Silverstein. The action requires a 30-day period for public comment, which will be initiated in the near future, according to a Pataki spokesman.
Con Edison is eager to rebuild its 7 WTC substations in order to relieve the overloads on the Manhattan electric system and to accommodate an anticipated 1% projected load growth. Prior to Sept. 11, the 47-story class A office tower at 7 WTC housed nine Con Ed operating transformers and one spare transformer vault. Half of Lower Manhattan's electricity was provided through that location.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
