The fight is not only taking place outside the U.S., but also at the heart of America. We’re talking about the Freedom Tower, the property formerly known as 1 World Trade Center being developed by Port Authority of New York and New Jersey. Haute Living cover subject Stephen Ross, Steve Roth, Mort Zuckerman, Douglas Durst, Ric Clark, and Gerald Hines are all fist pumping each other’s faces for the patriotic property.
According to The New York Observer and insiders on the sitch, the landlords’ firms have all responded a little more than enthusiastically to Port Authority’s queries for partners on the property. Honestly, who wouldn’t respond that way to Port Authority’s query on this? This is a golden opportunity financially that shouldn’t be passed on, which shows these landlords are no dummies.
Port Authority has reached out to private businesses recently after the gradual and continued development on 1 WTC, asking for at least $100 million in these queries. After site tours and the financial options considered, all six firms are foaming at the mouth to be a part of this venture. Even with the $3.1 billion price tag for the 2.6 million square feet, Related Cos., Vornado Realty Trust, Boston Properties, the Durst Organization, Brookfield Properties and Hines Interests (the big six, respectively) have all offered more complex financial plans to Port Authority officials.
This interesting turn of events surely rings similar to the plot twists of a popular soap opera. So what happens next? Stay tuned to find out.