Three World Trade Center

Three World Trade Center
Rendering of Three World Trade Center from ground level
Alternative names	3 WTC 175 Greenwich Street
General information
Status	Under construction
Type	Office, Retail
Architectural style	Modern
Location	175 Greenwich Street New York City
Coordinates	40°42′39″N 74°00′42″W / 40.710923°N 74.011608°W / 40.710923; -74.011608Coordinates: 40°42′39″N 74°00′42″W / 40.710923°N 74.011608°W / 40.710923; -74.011608
Estimated completion	2015[1]
Cost	US$2.75 billion
Height
Antenna spire	378 m (1,240 ft)
Roof	356 m (1,168 ft)
Technical details
Floor count	80
Floor area	2,800,000 sq ft (260,000 m2)
Design and construction
Owner	World Trade Center Properties, LLC
Main contractor	Tishman Construction
Architect	Rogers Stirk Harbour + Partners
Developer	Silverstein Properties
Structural engineer	WSP Cantor Seinuk
References
[2][3][4]

Three World Trade Center (also known by its street address, 175 Greenwich Street) is a skyscraper to become part of the World Trade Center reconstruction in New York City.^[5] The office building will be on the east side of Greenwich Street, across the street from the original location of the Twin Towers that were destroyed during the September 11 attacks. Pritzker Prize-winning architect Richard Rogers (Rogers Stirk Harbour + Partners) was awarded the contract to design the building, which will be 352 m (1,155 ft). As of the beginning of 2012, the building is currently above street level, as its below-grade foundations are being completed. It is expected to be the third tallest building in the new WTC complex to be finished, after towers One, Two, and Four.

Background

Three World Trade Center will have a podium several stories tall for the trading floors and a tower of office floors rising from it. The diamond braces originally planned for the front and rear faces of the building have been dropped from the design and the tower will be built without them. However, the diagonal bracing on the sides will remain. The four spires in the design will give the tower a pinnacle height of 1,240 feet (378 m), meaning it will become the fourth-tallest building in New York City by pinnacle height.^[6] The total floor space of the building is anticipated to include 2,000,000 sq ft (190,000 m²) of office and retail space. The building's groundbreaking took place in January 2008, and at that time it was scheduled to be completed by 2014.^[7][8] The structural engineer for the building is WSP.^[9] In November 2010, three PureCell fuel cells were delivered at the World Trade Center site which together will provide about 30% of the tower’s power.^[10]

Controversy

On May 11, 2009, it was announced that the Port Authority of New York and New Jersey was seeking to reduce 175 Greenwich Street to a "stump" building of approximately four stories. The overall plan, which also called for a similar reduction in height for 200 Greenwich Street and the cancellation of World Trade Center Tower 5, would halve the amount of office space available in the fully reconstructed World Trade Center to 5,000,000 sq ft (460,000 m²). The agency cited the recession and disagreements with developer Larry Silverstein as reasons for the proposed reduction. Silverstein is opposed to the plan, and filed a notice of dispute on July 7, 2009. By doing so, the development firm began a two-week period during which renegotiated settlements and a binding arbitration regarding the construction of the four World Trade Center towers can be made. Silverstein Properties, which has paid the Port Authority over US$2.75 billion in financing, noted the organization’s inability to meet construction obligations in its official complaint. The development firm has a way of settling the dispute with the government.

Construction

As of February of 2012, the ground floor concrete is almost done, and the lower podium has reached the 5th floor. By the 6th of April, the superstructure and other support layers are finishing up, and the lower podium is expected to be finished by the summer of 2012. On May 18th, a construction update was released which stated that the superstructure work was continuing, and that forms, rebar, and concrete placement work was also continuing. Additionally, utilities for the site were being installed. Finally, the construction agency expects the lower podium to reach a height of 7 stories by September of 2012.^[11]

Future

As of the beginning of 2012, Silverstein Properties and the Port Authority of New York and New Jersey have reached an agreement to build 3 World Trade Center to its full height as soon as possible. They will cap the building at 7 stories, until they find tenants to fund the building.^[12] According to a March 2010 agreement between Silverstein Properties and The Port Authority, Silverstein Properties must find tenants to lease 400,000 square feet of the building and it must raise US$300 million in private financing in order to receive additional funding. If Silverstein Properties meets those triggers, then the Port Authority, City of New York, and New York State will provide an additional US$390 million towards the tower's completion. Silverstein Properties also needs to provide financing for the remaining cost of the tower before it can be completed. The existing foundation of the tower was built entirely with insurance proceeds, and until Silverstein Properties meets the requirements, however, the tower won't be built past a 9-story retail podium that would be capped if no tenants are found.^[13] The agreement also implemented a "cash trap" to make sure that public investments are paid off before Silverstein Properties makes any profits off the tower.

Three World Trade Center will be built to its full height as planned when certain triggers are met. Silverstein Properties is optimistic that leases will be signed.^[14] A spokesperson speaking on the issue of rebuilding the site commented: "Three WTC. should be up by 2015; although; we do have one milestone to hit: We need to get a 400,000-square-foot tenant in order to get a financing backstop that makes sure we will complete that building. So, that’s a question mark, and it’s a major priority of Silverstein Properties".^[15] The Port Authority believes that the 2010 agreement will allow market demand to drive the construction of the towers and help to limit public investment since the Port Authority has other projects that need attention in the region. It was reported in January 2012 that Silverstein plans to build the podium only up to the seventh floor and keep it that way until a sufficient tenant is found. As the building's construction progresses, further details on the future of the tower will likely be announced.

See also

• Buildings and architecture of New York City
• List of tallest buildings in New York City
• Tallest buildings in the United States
• World Trade Center

References

External links

• 175 Greenwich Street - Official site
• 175 Greenwich Street Images
• 175 Greenwich Street Design Update (video)