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City Council approves ComEx plans.

Despite strong community opposition, the Land Use Committee of The New York City Council voted 12 to 2 last week to approve two modified designs for the commodities exchange project in Lower Manhattan.

The committee approved an 18-story structure or a 22-story structure if the Mercantile Exchange rejoins the plan.

The public/private project was originally to be a new headquarters for the five commodities exchanges but in January the Mercantile Exchange withdrew. The other four exchanges - the Commodity Exchange; the Coffee, Sugar and Cocoa Exchange - are still committed to the project.

Financing for the project is still a question as is a developer. The project will receive large city and state subsidies and, since the original plan is no more, a new agreement must be struck.
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Title Annotation:Commercial Exchange real estate development project approved by New York City Council
Publication:Real Estate Weekly
Date:Mar 11, 1992
Words:127
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