One Vanderbilt developer SL Green has closed on a $1.5 billion (with a B) construction loan for the site, allowing the 1,401-foot office tower to push forward unobstructed. "Closing on the construction financing means that nothing stands in the way" of the building moving forward, SL Green Managing Director Robert Schiffer said in a statement. A lawsuit attempting to bar the building’s rise was settled in August.
Unencumbered, it’s time for this 58-story beaut to move forward, right? Actually, Tishman Construction’s been plugging away at the site for a while now. Excavation work began in August and is ongoing. Construction on the site is expected to go vertical in the second quarter of 2017, and wrap up in 2020. Unlike remaking Penn Station in three years, this actually seems feasible.
Intrepid photographer Max Touhey is photographing the construction’s life span for SL Green, and has shared images of its first stages. It’s not much more than a pile of dirt right now, but it’s a glorious pile of dirt at that.