Saturday, March 23, 2013

Management of observation deck at new One World Trade Center awarded to Legends Hospitality owned by NY Yankees, Dallas Cowboys and Checketts Fund

3/20/13, "Nationally renowned Legends Hospitality chosen to develop and operate three-story observation deck atop One World Trade Center," Port Authority of NY and NJ, YesNetwork.com

"The Port Authority Board of Commissioners today voted to approve the selection of nationally renowned Legends Hospitality, LLC (Legends) to develop and operate the observation deck at the top of One World Trade Center. The facility, called One World Observatory, will occupy floors 100-102 at the iconic structure.

The Board’s vote followed yesterday’s call from Governors Cuomo and Christie to endorse the award of a contract to Legends to bring a world-class observation deck to what will be the tallest building in the Western Hemisphere when it reaches its final height of 1776 feet. 

The building is a joint venture between The Port Authority of New York and New Jersey and The Durst Organization. The selection of Legends follows a rigorous competition that resulted in six proposals from nationally known companies. The Port Authority and Durst narrowed the list to three finalists in September 2012.

Legends is among the most heralded and established companies in sports and entertainment and is renowned for delivering a variety of services at premier venues including Yankee Stadium and Cowboys Stadium. The firm is owned by the New York Yankees, Dallas Cowboys, and the Checketts Partners Investment Fund

In approving the project at today’s meeting, the Board noted the agreement provides significant private capital for the World Trade Center site without any additional Port Authority investment. The revenue will be a combination of fixed and variable rent, projected to be worth $875 million over the term of the 15-year lease. This transaction validates the agency’s long-standing plan to attract private capital and to continue to recoup the Port Authority’s substantial investment to rebuild the World Trade Center site."...photo reuters, World Trade Center, 2/9/13, seen from New Jersey

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