The construction industry has been suffering for two years through the toughest recession in 20 years, perhaps longer. The depth of the downturn has burned away the industry's natural optimism, and major firms are taking a hard look at the market and at the U.S. economy. However, they now are starting to believe that a recovery should begin next year.
A 70-story, folded, creased and curved stainless-steel curtain wall on an 867-ft-tall apartment building has been called “Gehry only on the outside,” as if the building is a fake Frank. It’s true that, when it opens next year, New York City’s tallest residential tower won’t be an internationally acclaimed cultural icon, as is the architect’s now-12-year-old Guggenheim Museum Bilbao in Spain. The 76-story high-rise is not as colorful, whimsical and structurally innovative as the nearly decade-old Experience Music Project rock ’n’ roll museum in Seattle. The new tower is not as description-defying inside and out as the six-year-old Walt Disney Concert Hall in Los Angeles. But that building was torturous to build: There were 10,000-plus requests for information (RFIs), and it was $174 million over budget and the subject of a dispute that ended in a $17.8-million settlement.