BPCA president and CEO Timothy S. Carey notes that the ability of a major developer to build without residential subsidies indicates that Lower Manhattan's resurgence is on pace. The project is not eligible for Liberty Bond financing because 5% of the units have not been put aside for affordable housing. "This development again proves Lower Manhattan's vitality and resiliency," Carey says, adding that the developer's decision to build without subsidies leaves more money in the Liberty Bond pool for other projects.
Carey adds that BPCA's commitment to "green" specifications such as on-site filtering and recycling of waste water, efficient energy strategies, solar panels and recycling of construction waste.
The first request for proposal to develop the site was issued Sept. 10, 2001, but withdrawn after the terrorist attacks. Reissued in January of 2003, it has received much developer response. "That showed us that there's a great desire to build in that area and to live and work in the area," Carey adds. "Our experience has shown us that good environmental standards are also good business."
In January, 2001, Millennium closed on a $400 million loan underwritten by Dresdner Bank Real Estate and DePfa Bank AG for the acquisition of six hotels including The Ritz-Carlton, Downtown New York. Philip Aarons, Millennium's founding partner, says he looks forward to following the successful construction of the Ritz-Carlton Hotel by applying environmentally green standards to the new development.
The BPCA is a public benefit corporation created to develop the 92-acre site at the tip of Lower Manhattan. Parcels are leased to developers who build in accordance with BPCA guidelines. Solaire, located at 20 River Terrace, is considered to be the world's first "green" high-rise residential building.
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