Deutsche Bank Building - Future of The 130 Liberty Street Site

Future of The 130 Liberty Street Site

Negotiations over the World Trade Center site concluded in April 2006 with private developer Larry Silverstein yielding his right to develop on the site designated for Tower Five to the Port Authority of New York and New Jersey in exchange for assistance in financing Towers Two, Three, and Four. Mayor Michael Bloomberg later claimed there wasn't enough demand for office space to fill the five towers included in the World Trade Center's master plan and called for a major revision of the plan to include housing and hotels. But the demand for Manhattan office space, including downtown, has boomed since 2006, and January 16, 2007, financial giant JPMorgan Chase was in talks with the Port Authority about developing the new 5 World Trade Center skyscraper into a corporate tower, which would prevent Mayor Bloomberg's push to use the site for housing.

Several sources familiar with JPMorgan Chase's talks with state and Port Authority officials said the firm's bid to develop the proposed 57-story tower for major corporate tenants is being taken seriously by the bistate agency. In fact, sources said, JPMorgan Chase is not the only corporate bidder for the site.

To make the commercial deal work, the Port Authority would have to agree to expand the size of Tower 5's base in order to accommodate the large, lower-level floors needed for trading rooms, a requirement for most large financial-services firms.

On June 14, 2007, Bloomberg and then-Governor Eliot Spitzer announced that JPMorgan Chase had won the bid to buy and build the new tower at 130 Liberty Street to replace the Deutsche Bank Building.

However, after the acquisition of Bear Stearns by JPMorgan Chase in March 2008, the future of 130 Liberty Street has been put into question as JPMorgan Chase has announced that it intends to move into Bear Stearns' old headquarters at 383 Madison Avenue. If JPMorgan Chase does not renew their bid, the site would likely be used for a residential tower, as per Bloomberg's plan prior to JPMorgan Chase's bid. Recently community and civic leaders met to discuss the site's future with community leaders favoring a hotel or residential development and outgoing deputy mayor Robert Lieber favoring an office tower.

Read more about this topic:  Deutsche Bank Building

Famous quotes containing the words future of the, future of, future, liberty, street and/or site:

    The American West is just arriving at the threshold of its greatness and growth. Where the West of yesterday is glamorized in our fiction, the future of the American West now is both fabulous and factual.
    Lyndon Baines Johnson (1908–1973)

    We must choose. Be a child of the past with all its crudities and imperfections, its failures and defeats, or a child of the future, the future of symmetry and ultimate success.
    Frances E. Willard 1839–1898, U.S. president of the Women’s Christian Temperance Union 1879-1891, author, activist. The Woman’s Magazine, pp. 137-40 (January 1887)

    I am always glad to think that my education was, for the most part, informal, and had not the slightest reference to a future business career. It left me free and untrammeled to approach my business problems without the limiting influence of specific training.
    Alice Foote MacDougall (1867–1945)

    This spending of the best part of one’s life earning money in order to enjoy a questionable liberty during the least valuable part of it reminds me of the Englishman who went to India to make a fortune first, in order that he might return to England and live the life of a poet. He should have gone up garret at once.
    Henry David Thoreau (1817–1862)

    Anger becomes limiting, restricting. You can’t see through it. While anger is there, look at that, too. But after a while, you have to look at something else.
    Thylias Moss, African American poet. As quoted in the Wall Street Journal (May 12, 1994)

    The present hour is always wealthiest when it is poorer than the future ones, as that is the pleasantest site which affords the pleasantest prospects.
    Henry David Thoreau (1817–1862)