SkyRise Gets Good News From FAA, Congress

The FAA has no problem with SkyRise being built up to a height of 1,000 feet, and the EB-5 funding program that will be used to finance the tower will reportedly be renewed.

Until now, developer Jeff Berkowitz had been relying on a 2008 determination issued by the FAA for the similar-looking Solar Universe tower, once proposed for the same site by another developer. Berkowitz rushed to break ground by a May 2014 deadline in order to preserve that approval.

In a Thanksgiving Eve letter, the FAA confirmed that a height of 996 feet above ground, or 1,000 feet above sea level, would be permitted. The agency said that it would require further study, however, to permit a height of 1,049 feet above sea level requested by the developer.

Berkowitz is relying on EB-5 financing to build the project. The EB-5 program was set to expire this week, but a report yesterday said that renewal is now almost certain.

 

PreviouslySkyRise Developer Wants To Increase Height From 1,000 Feet To 1,049 Feet