Downtown residents awoke to tabloid cover stories they were happy to see: the Obama Administration is now considering alternatives to holding the upcoming terror trials in Lower Manhattan. This week Community Board 1 passed a resolution urging a new location for the trials. Wednesday, Mayor Bloomberg reversed direction after initially supporting the Justice Department’s decision to hold the trials downtown. According to the New York Times, Sen. Charles Schumer’s opposition, communicated to the White House yesterday, was decisive in the President Obama’s order to evaluate alternate locations. More later…