The Wall Street Journal has reported that Hines is close to securing financing for the MoMA’s Torre Verre, which will be backed by the Kwee family from Singapore and several Asian banks. The 1,050 foot tower, designed by Jean Nouvel, already has everything related to permits in order, so once funding is formally secured, construction can begin almost immediately.
The lot where the Torre Verre will rise is currently occupied by MoMA’s ‘Rain Room’ exhibition, though that is temporary. Along with the nearly-vacant plot, MoMA may or may not tear down the now-defunct American Folk Art Museum to make room for both the new tower and an additional expansion of the museum’s galleries.
Torre Verre was heavily scarred by its journey through the Uniform Land Use Review Procedure, when Amanda Burden chopped off the tower’s top 200 feet. Since adjusting the still-phenomenal design to its new 1,050 foot pinnacle, the only major change has been MoMA’s acquisition of the old Folk Art Museum – which was still a functioning institution when initial plans for the Torre Verre were proposed.
No formal date for completion has been announced as the Torre Verre has been on-hold since the 2008 financial crisis, but once excavation is underway, construction should follow a schedule similar to One57 and 432 Park – so the 2015-16 period is a reasonable guess.