The rumor mill around Tribeca's long-dormant 5 Franklin Place has heated up in recent weeks, with whispers of a sale of the mortgage and a scaled-back new design to replace the old Ben van Berkel plans. Well, it's time to officially bid farewell to the pricey international starchitecture version of 5 Franklin's future. The new mortgage holder is Glacier Global, according to Crain's, and while the building will remain a condo, it will have a far less flashy look. The Montroy Andersen Demarco design is still on the table, but nothing's official. No matter what design is chosen, with only two stories of the original building completed before the site stalled out, we're looking at a 2011 construction completion date.
· New firm snaps up $40M Tribeca mortgage [Crain's]
· 5 Franklin Place coverage [Curbed]