JP Morgan Chase is going to be building a 50-story skyscraper near the WTC site, again showing the strength of the Lower Manhattan real estate market. Mayor Bloomberg among others had disparaged the growth downtown, and suggested cutting back on the office towers being built at the WTC site.
Their lack of foresight is telling, as they've been proven spectacularly wrong. Growth downtown shows that companies are more than willing to think big and work in Lower Manhattan, even with all the construction going on in the vicinity.
There are some concerns that the construction of yet another office tower might dampen the market in Lower Manhattan, but it would provide yet more affordable Class A office space that is sorely lacking elsewhere in Manhattan.
As Gothamist reports, the new Chase building will be built where the Deutsche Bank building is situated. It will not get the massive breaks and incentives that Goldman Sachs got, but will receive incentives along the lines of that which tenants got for space at Silverstein's 7WTC. The Chase building is expected to be built by 2013.
Curbed takes a dim view of the way that the Chase building would have a cantilevered section jutting out over park/open space, so as to permit uninterrupted trading floor space.
For an idea of what we're talking about, consider the way the Citibank tower in Midtown is designed. You have a large urban plaza, complete with subway access, along with a church nestled beneath the skyscraper. The Chase tower will likely try to accomplish something similar.
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