Downtown needs more homes, Gosin tells panel.Barry Barry, Welsh Barri, town (1991 pop. 45,053) and port, Vale of Glamorgan, S Wales, on the Bristol Channel. Once a major coal-exporting port, its more diversified export products include cement, flour, and steel products. Gosin, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Newmark Knight Frank, this week told a panel of downtown watchers the area needs more residential development to make it viable. Speaking at the "Destination Downtown" panel held at the Claremont Preparatory School preparatory school: see school. preparatory school School that prepares students for entrance to a higher school. In Europe, where secondary education has been selective, preparatory schools have been those that catered to pupils wishing to enter , Gosin said it would be a mistake to press ahead with plans for more commercial office space. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. his firm's research, if 10 million square feet of new office space is added at the WTC WTC World Trade Center, see there site as planned and the pace of economic growth slows or even stops with a national recession sometime over the next 10 years, then the office sector in the downtown market may never truly rebound rebound (rē´bownd), n/v 1. a recovery from illness. n 2. an outbreak of fresh reflex activity after withdrawal of a stimulus rebound adjective . "There's only a certain amount of job growth the city is capable of producing," Gosin told the panel. "Last year it produced only 33,000 new jobs. The sooner downtown develops the critical mass of residential to make it truly a 24/7 environment, the better off everything will be for downtown. "When there's a need for office space, we'll find it. The mistake would be to not take a step and do what's in the best interest of downtown." Gosin said the 10 million square feet planned for the WTC site, coupled with an additional commercial developments in midtown mid·town n. A central portion of a city, between uptown and downtown. midtown Noun US & Canad the centre of a town , the West Side, Long Island City and Brooklyn, would bee too much. "Downtown has the opportunity to create a demand for [retail and residential as well as cultural institutions] and to strengthen the environment," he said. Speaking at the same panel, Kent Swig, co-chairman of Terra Holdings & President of Swig Equities which owns several prominent downtown office buildings disagreed, saying the market needs more, not less commercial development. According to Swig, 85 million square feet of downtown office space has been lost to residential conversions creating a dire need for replacement office space in order to keep the city vibrant. "The residential market is strong and needs no help," Swig said. "It's not a supply driven market. The office buildings here are older. Downtown needs newer office buildings to attract quality tenants." |
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