Word: millions
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Dates: during 1960-1969
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...part of a development built on air rights atop Penn Station. Chicago's four-year-old circular Marina City apartment complex, already a city landmark, is built above the tracks of the Chicago and North Western Railway. In Newton, Mass., work began this month on a $40 million development-consisting, to start with, of a motel, a nine-story office building and a 650-car garage-that will straddle the bustling Massachusetts Turnpike...
...also over the tracks is the Waldorf-Astoria Hotel, which, without a basement, keeps its wine cellar on the fifth floor. The 59-story Pan Am Building, which was built five years ago with an 80-year air-rights lease that could bring the railroad a total of $100 million, stands atop Grand Central itself; last February, the newly merged Penn Central Railroad signed an even more lucrative agreement for a companion building that will rise above the terminal...
...terminal. As a national rail hub, Chicago now figures to get a major face lifting because of newer airspace projects. The biggest beneficiary is likely to be the Illinois Central Railroad, which owns air rights above its tracks and right-of-way along Lake Michigan worth at least $185 million. Two of the most imposing structures on the Chicago skyline, the 41-story Prudential Building and the 40-story Outer Drive East apartment building, have already been built on air rights sold...
...Southern Life Insurance Co. Even in Los Angeles, which still has plenty of open space, governmental agencies are studying plans for permitting developers to build over the freeways that stretch through the city's downtown area. In Washington, the Department of Labor plans to put up a $47.6 million office building over an entrance to the new Inner Loop Freeway...
Fumes from Below. While air-rights developments often may enhance a city's appearance-by covering unsightly scenes-they also come in for some occasional criticism. San Francisco's proposed $100 million International Market Center, a complex that would be built over several of the city's streets, is opposed by some San Franciscans who fear that it would obscure their view of Telegraph Hill. Another kind of problem is illustrated by four Manhattan apartment buildings constructed over an approach to the George Washington Bridge: lower-floor occupants have been bothered by fumes and noise from...