Future development on the site of the former Deutsche Bank building was debated between civic and community leaders who are split between developing an office tower or using the site as a hotel or residence.
Deputy Mayor Robert Lieber who heads the city’s economic development argued that the site could be economically viable because even with the new space, overall demand could rise in the next decade to where an office tower would make sense.
The World Trade Center complex is expected to top out at 10 million square feet or more of office space and there are concerns that an adjacent office tower may not be as economically viable as a hotel or residential development. JP Morgan had originally planned to use the site but plans fell through following the financial crisis and acquisition of Bear Stearns.
Civic leaders argue that the site would make more sense for residential or hotel development and NYU has expressed interest in utilizing some of the space for its expansion.
What are your thoughts?