Pier 57, recently renamed the "SuperPier," has received a $225 million loan from PNC Bank, according to a source close to the Commercial Observer. The $350-million project by RXR Realty and partner Youngwoo & Associates is set restore this old shipping and bus terminal. 560,000 square-feet of mixed-used development will be the result. Seth Pinksy of RXR told the Commercial Observer that they were "still finalizing terms and agreements with all of the relevant parties." Around 480,000 square-feet has already been set aside for office blocks. Google has managed to secure 250,000 square-feet of that space when it signed a 15-year lease, as reported by the Wall Street Journal. So far, there's no word on who'll be Google's neighbors. A food market run by celebrity chef Anthony Bourdain will occupy 100,000 square-feet. Speaking to The New York Times, Bourdain said the food hall will feel like "an Asian night market." In addition, 80,000 square-feet will make up the public park that will housed on top of the pier while promenades on which the public can walk will take up 34,000 square-feet of the structure.
Posts tagged with "Wall Street Journal":
A new report attempts to quantify the cost of our national reluctance to fix aging bridges, railroads and power lines. Delays in approving infrastructure projects cost the United States some $3.7 trillion, according to the nonpartisan think tank Common Good—more than twice what it would take to fix the infrastructure in the first place, according to a report titled Two Years, Not Ten Years: Redesigning Infrastructure Approvals. That staggering price tag includes the costs of prolonged inefficiencies and unnecessary pollution that continues while local, state, and federal agencies forestall fixes to infrastructure that the American Society of Civil Engineers estimates is due for $1.7 trillion in repairs and maintenance through 2020. The New York–based think tank based their numbers on a six-year delay, which they reasoned was accurate according to available data about how long projects typically take to get shovel-ready:
Although large projects often take a decade or longer to permit, we assume that the avoidable delay on major projects is six years. There is ample anecdotal evidence of actual years of delay in the US for different types of infrastructure projects, but little cumulative data. The Federal Highway Administration estimated that the average time for approval of major highway projects was over six years. Five to ten years is a common timeframe for interstate transmission lines, and for wind farms and solar fields on federal lands on either coast.Infrastructure maintenance and repair is, of course, a thoroughly unsexy topic. But, as the Wall Street Journal writes in an editorial about Common Good's report, it's important—and perhaps politically viable even in a presidential election cycle:
Common Good suggests building a process that shuttles projects through in a prompt two years. Environmental reviews should be handled by one designated official and kept to 300 pages; litigation should be restricted to the first 90 days after the permit is issued; the White House should be granted authority to appoint an agency as a ‘one-stop-shop’ for interstate projects. Congress could address the permitting morass this fall as part of the transportation bill, and the presidential candidates could include the issue and a horror story or two in their agendas for faster economic growth. It’s hard to imagine a more sensible and politically achievable idea—and one better suited to restoring public confidence that government can carry out its basic duties.
Chinese real estate developers Wanda Commercial Properties announced Wednesday plans to build an 89-story mixed-use tower in Chicago’s Lakeshore East neighborhood that would unseat Aon Center as the city’s third tallest building. At approximately 1,150 feet tall, the tower at 375 E. Wacker Dr. would be among the tallest buildings in Chicago. AN reached out to Alderman Brendan Reilly’s office to confirm the announcement, which was reported in the Wall Street Journal and Chicago Architecture Blog Tuesday, but so far our calls have not been returned. A spokesman for Lakeshore East developer Magellan Properties declined to comment. Chinese news agency Sina reported the building will house a five-star hotel and apartments, and is expected to open in 2018. Along with a retail component, that should total 1.4 million square feet of space, according to Chicago Architecture Blog. The designer is still unspecified, but a rendering from Wanda Group shows three staggered volumes constructed from stacked frustums, or cut-off pyramid shapes. If built, it would occupy the lot adjacent to the new GEMS World Academy building, designed by bKL Architecture. The Beijing-based company, commonly called Wanda Group, is known in the U.S. for buying cinema chain AMC Entertainment Holdings, and has amassed dozens of hotels and department stores in China. The $900 million Chicago project would be the first step in what Wanda Group Chairman Wang Jianlin said will be a big move into U.S. real estate. "Investing in Chicago property is just Wanda's first move into the U.S. real estate market," Jianlin said in a statement, "Within a year, Wanda will invest in more five-star hotel projects in major U.S. cities like New York, Los Angeles and San Francisco. By 2020, Wanda will have Wanda branded five-star hotels in 12–15 major world cities and build an internationally influential Chinese luxury hotel brand." We’ll update this post as more information becomes available.
Empty Spaces. Searching for a place to exhibit her work as an art student in 2003, an artist from the rural mining town Malmberget, Sweden, organized a program titled Tomma Rum (Empty Spaces) that converts empty lots into artist studios and gallery spaces. As described in an interview with Polis, the program has morphed into a traveling summer artist-in-residence, where global artists have displayed their pieces on fences to streets in various towns. Town and Country. Is city life or country life better for your health? The Wall Street Journal reports on the ongoing debate between the quality of life in urban versus rural areas. Each have their benefits and drawbacks. Studies indicate that in urban areas, there are less obese children but also higher crime rates. In the country, there are larger numbers of fatal driving accidents but lower incidences of allergies. Big Box Redux. In Seattle, empty malls are attracting new tenants. A fitness center owner is converting empty mall space into a new climbing gym, while grocery stores such as Whole Foods and Trader Joes, and sporting goods stores such as Sports Authority are taking over retail vacancies, The Seattle Times reports. Taxing Gas. A study conducted by the multi-partisan Leadership Initiative on Transportation Solvency, part of the Carnegie Foundation for International Peace, may have found a better way to increase funds for transportation infrastructure through a more effective gas tax system. In their report, DC Streets Blog highlights, that taxing gas when the price lowers and a more efficient program with a focus on design with economic performance are key.
Today, The Wall Street Journal ran an article on the High Line, written by none other than AN's Executive Editor, Julie V. Iovine. Employing the same skill for observation and elegant phrasing that she applied to our own sneak peek of the elevated park back in April, Iovine has brought the wonders of this industrial-wreck-turned-lilly-scented-promenade to a whole new readership: the brokers and bankers of The Street. The Journal also put together this video on the High Line just before its opening. Enjoy!