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Construction of the foundation will begin in June 2008
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Add one more to the list of prestigious architects rebuilding Lower Manhattan. Robert A.M. Stern joins the architectural talent pool hired by Silverstein Properties and other developers for the current downtown renaissance.
Stern's 38-year-old firm will design the residential and hotel tower slated to rise at 99 Church Street over the next three years. The skyscraper will replace the 11-story building that now occupies the site with 68 stories of luxury condominiums, a restaurant, and a five-star hotel.
Located on the east side between Barclay Street and Park Place, 99 Church Street is the former home of Moody's Corporation, which relocated its corporate headquarters to Silverstein's 7 World Trade Center in early 2007. In a joint venture with partner California State Teachers' Retirement System, Silverstein bought 99 Church Street in November 2006 for $170 million. The purchase marks the second investment between the pension fund and Silverstein, the first being the acquisition of 575 Lexington Avenue in October 2006.
Tishman Construction, which also is building the Freedom Tower and the new Goldman Sachs headquarters, will manage the project beginning with demolition of the 1951 building. Scaffolding around the building will begin to rise this week, followed by approximately six months of demolition work. Construction of the new tower's foundation will begin in June 2008, on the way to its early 2011 opening.
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