in 1981. Among the UDC's plans was a garment merchandise mart on Eighth Avenue between 40th and 42nd Streets, opposite Port Authority Bus Terminal. The project was to be completed by the Times Square Redevelopment Corporation, comprising members of the New York state and city governments. David Morse and Richard Reinis were selected in April 1982 to develop the mart, but they were removed from the project that November due to funding issues. Subsequently, the state and city disputed over the replacement development team, leading the city to withdraw from the partnership in August 1983. The state and city reached a compromise on the development team that October, wherein the mart would be developed by Tishman Speyer, operated by Trammell Crow, and funded by Equitable Life Assurance. Kohn Pedersen Fox designed a 20-story structure with for apparel and computer showrooms. The building would have a limestone and granite facade, a wide arch with a clock spanning 41st Street, arched entrances on Eighth Avenue, and a set of pavilions with ten pyramids on the roof. The proposal was complicated by the fact that developer Paul Milstein wanted to build a 36-story hotel and office building on the northern half of the site, north of what is now the Times building. Kennedy Enterprises was selected to operate a smaller mart in 1987. Chemical Bank had considered occupying office space at the mart before withdrawing in 1989. The mart plan was never completed because of a weakened market. Development By mid-1999, state and city officials were planning a request for proposals for the southern half of the merchandise mart site. The Times parent company, the New York Times Company, proposed a headquarters tower, citing its need to enlarge its operations. If this was not possible, the company would keep its headquarters at 43rd Street but move some jobs to New Jersey. In October 1999, the Times reported that its parent company was negotiating for the site. Though the site was highly visible due to the low stature of the Port Authority Bus Terminal to the west, it was also at the extreme corner of both the traditional Times Square area to the north and the Garment District to the south. Nevertheless, as architect Robert A. M. Stern wrote, the New York Times Company likely perceived the site's fringe location as a beneficial attribute. The new site was not commonly considered to be part