Search
 

GlobeSt.com UPDATE: State Changes Downtown Transportation Plan

NEW YORK CITY-The state changes plans to construct a traffic tunnel on West Street in Lower Manhattan as part of the World Trade Center rebuilding process. New plans call for a street-level boulevard.

By Barbara Jarvie | Updated on April 15, 2005

NEW YORK CITY-The state will no longer construct a traffic tunnel on West Street that would have veered traffic in front of a site Goldman Sachs has earmarked for its new base of operations. Last week the financial powerhouse was reportedly reconsidering plans for a two-million-sf headquarters on Site 26—the last commercial parcel in Battery Park City. Goldman Sachs did not respond when reached about the change in plans. If it goes forward, the project, which is projected to cost $1.8 billion to realize, is expected to be completed in 2009 or 2010. It is the first development of headquarters space in Lower Manhattan in 16 years. Goldman Sachs has 425,000 sf at One New York Plaza through September, 2009 and has some operations in Jersey City and in other financial district locations.

Also, the company has a bevy of incentives ready and waiting including an already approved is $1 billion in Liberty Bond financing to go toward development costs. The Battery Park City Authority is expected to provide for up to $13.4 million in sales tax exemptions. The company will also be eligible for Con Edison energy discounts worth an estimated $10.3 million and can apply for up to $25 million in Job Creation and Retention Program grant funds. Goldman’s plan was expected to keep more than 9,000 jobs in the city and add thousands more by 2019.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.