We consigned British starchitect Richard Rogers' design for the 40-story Port Authority Bus Terminal-topping office tower to the dead renderings scrap heap back in 2009, the last time developer Vornado Realty Trust's right to the site was about to expire. Surprisingly, despite a lack of prospective tenants, Vornado hung on to the site, and the developer's been cooking up a comeback plan. Vornado now has $500 to $700 million in hand from a mystery Chinese investor to build the 1.3 million-square-foot tower, according to Crain's. Of course, Vornado might not be able to wrangle another extension on its right to the site, and it would have to make the risky move of building without a tenant in a market with a bunch of other new and unoccupied office space. Will it happen? Place bets in the comments.
· Bus Terminal tower gets $700M lift from China [Crain's]
· Port Authority Office Building coverage [Curbed]