Durst president Douglas Durst called the site a "vital piece" of Times Square and reiterated a previous commitment that the 945-foot site will be one of the "greenest" buildings in the world. The conservation and environmental advances in the tower range from water conservation using rain runoff and gray water recycling, to wind turbines and co-generation of power and cooling. The tower is adjacent to another Durst effort—the Conde Nast building.
Bank of America is providing financing for the construction and permanent loans. The project is also receiving $650 million in Liberty Bond financing The city will provide other incentives of up to $38.5 million in sale and real estate tax benefits and another $3.5 million in energy benefits over 25 years.
Bank of America plans to consolidate the majority of its 2,995 employees from five locations in Manhattan in the new building and projects the creation of more than 2,800 jobs over the term of the deal.
"This is probably the best day we could choose to break ground," said Pataki. "It shows that New York is the financial capital of the world. What better message to send than putting shovels in the ground on this project."
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