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GRAND CENTRAL TERMINAL, NEW YORK
Project Location: New York City, New York
Public Sector Partner: Metropolitan Transit Authority
Private Sector Partner: Jones Lang LaSalle
Williams Jackson Ewing, Inc.
PROJECT SUMMARY
Situation
- In 1988, the Metropolitan Transit Authority (MTA)
undertook a study of Grand Central Terminal to develop a Master Plan
for the redevelopment of the retail component to improve the service
to transportation users, upgrade the quality of the merchandising, increase
the amount of retail space compatible with transportation users and
maximize income in order to help pay for the redevelopment and restoration
of the historically sensitive aspects of the building.
- Based on the subsequent plan developed and approved
by the Board of the MTA, in 1993 the MTA selected a joint venture of
Jones Lang LaSalle and Williams Jackson Ewing to undertake the retail
redevelopment of the terminal. Work commenced in April 1994.
Initiatives
- We finalized a plan for the retail redevelopment and
gained approval from all governmental agencies and organizations, including
the Landmarks Preservation Commission and the State Historic Preservation
Office.
- We determined the most favorable method of financing
to be Owner funds along with bonds issued by the MTA.
- Jones Lang LaSalle was awarded an additional $65 million
restoration and utility project due to our ability to save money and
achieve schedule. Construction for this work commenced in January, 1996
at a $7 million savings due to efficiencies of combining projects. An
additional $5 million in savings was achieved due to elimination of
claims and delays due to multiple prime contractors and subcontractors
working in the same high traffic public spaces.
- We oversaw the design, restoration, redevelopment,
lease-up and management of the station. The restoration work included
cleaning and/or replacement of intricate architectural detailing and
new installations compatible with the original architecture.
Results
- Construction of this $259 million, 860,000 s.f. historic
restoration and revitalization project took place from April 1994 through
the third quarter of 1998. Throughout the course of this massive, high-profile
renovation project, the development team accommodated ongoing railroad
operations and 500,000 pedestrians per day.
- Most importantly, Grand Central Terminal has been
restored to its rightful status as the greatest train station in the
world and one of the greatest public spaces in New York.
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