Here is a new article about a developer willing to set aside $10 mil for rehab to the park. It needs it, but as I mentioned in the article above, the problems are systemic. It's the access to the garage which has an isolationary effect on the park.
Leave it to the old timer for some grounded wisdom:
As Arthur Ballard closed his paperback, he said he's not sure what to make of Pershing Square anymore. Many of the nearby buildings he visited as a youth -- the Philharmonic building, the old Union Pacific, the Biltmore Theater -- are long gone. Others, such as the Title Guarantee and the Subway Terminal, have been redeveloped as pricey loft spaces.
The only constant is change itself.
Long ago, "downtown was a place to come to," Ballard said. Then, for a long time, it wasn't. Now, he said, "there are restaurants around, and shops, and people walking dogs. It's good . . . the people living here want to see changes."