Hmm, what prices? Residential- rent or condo? Office? Hotel rates? This development may include all of the above in moderate quantities, and height doesn't not necessarily equal quantity, if the tower is slender.

As to offices, most agree there is room to grow the downtown supply.

As to residences, it is a fact that there is a shortage of for-purchase condos and co-ops in greater downtown, and frankly the prices of what's available should come down a bit. As for rentals, I do not think this would force downward action. Though supply will increase, the area will become more desirable particularly if the development includes a department store and a grocery store.