"The cost of everything is going up right now, so whatever the budget was a few years ago, we've seen increases of 50 percent on certain construction costs as well, and the situation in Iran and the Middle East certainly isn't helping at all."
"The project hasn't been scrapped and could still move forward in its current form, but said the parties were exploring whether modifications to the mix of affordable and market-rate units need to be made."
"The agency remains fully committed to delivering a world-class tower at site 5, including the goal of one-third of the units being affordable."
"Under the proposal, 400 apartments would be affordable to those earning between 40 and 120 percent."
Plans to construct 1,200 apartments at 5 World Trade Center are on hold as stakeholders assess feasibility amid rising construction costs, which have increased by 50 percent. The project, led by Silverstein Properties and Brookfield Properties, aims for one-third of the units to be affordable. The Port Authority remains committed to the project, which was approved in July 2023 with a $65 million funding package to support affordable housing. Discussions are ongoing regarding potential modifications to the unit mix to ensure the project's viability.
Read at therealdeal.com
Unable to calculate read time
Collection
[
|
...
]