A marketing study prepared for the Port Authority of New York and New Jersey has estimated that Ground Zero will not be fully redeveloped and occupied until 2037.
The World Trade Center at the Lower Manhattan site was demolished in terrorist attacks September 11, 2001.
The study was prepared by Cushman & Wakefield and it forecast that the 1,776-foot-high Freedom Tower will not be fully occupied until 2019 and that Tower 2, a 1,270-foot-high tower will not be filled until 2016 and that Tower 3, a 1,137-foot high tower would not be fully leased until 2037.
The survey based its projections on anticipated market demand for office space.
The Port Authority and developer Larry Silverstein have been negotiating financing and timetables for the redevelopment that is "already years behind scheduled and billions over budget," according to an article by Douglas Feiden in today's edition of the New York Daily News.
The reports findings were challenged by Janno Lieber, the director of Mr. Silverstein's World Trade Center redevelopment effort who was quoted in the article as stating that "The Port Authority's position seems to be based on a totally pessimistic attitude about New York's economic future," adding that "Our view is that New York will bounce back strongly over the next five years while we are building these buildings."
The authority's executive director, Christopher O. Ward has recently been quoted as stating that "We have to deal with the economic reality today," adding that "That starts with keeping the memorial and the other public infrastructure on the timeline and budget we've committed to."
The situation, however, is very complicated and messy as the authority has said it would build the underground portions and first few floors of the other two towers because they have important systems and entrances and exists for the memorial and transit center but Mr. Silverstein has argued that leaving the site unfinished would be impractical and breaks promises made to New Yorkers.
The agency has turned down a request by Mr. Silverstein to finance his towers but its suggestion of putting off the construction of two major towers for several years is unlikely to prove very popular given the public frustration with the project's many delays and major design changes.
The World Trade Center at the Lower Manhattan site was demolished in terrorist attacks September 11, 2001.
The study was prepared by Cushman & Wakefield and it forecast that the 1,776-foot-high Freedom Tower will not be fully occupied until 2019 and that Tower 2, a 1,270-foot-high tower will not be filled until 2016 and that Tower 3, a 1,137-foot high tower would not be fully leased until 2037.
The survey based its projections on anticipated market demand for office space.
The Port Authority and developer Larry Silverstein have been negotiating financing and timetables for the redevelopment that is "already years behind scheduled and billions over budget," according to an article by Douglas Feiden in today's edition of the New York Daily News.
The reports findings were challenged by Janno Lieber, the director of Mr. Silverstein's World Trade Center redevelopment effort who was quoted in the article as stating that "The Port Authority's position seems to be based on a totally pessimistic attitude about New York's economic future," adding that "Our view is that New York will bounce back strongly over the next five years while we are building these buildings."
The authority's executive director, Christopher O. Ward has recently been quoted as stating that "We have to deal with the economic reality today," adding that "That starts with keeping the memorial and the other public infrastructure on the timeline and budget we've committed to."
The situation, however, is very complicated and messy as the authority has said it would build the underground portions and first few floors of the other two towers because they have important systems and entrances and exists for the memorial and transit center but Mr. Silverstein has argued that leaving the site unfinished would be impractical and breaks promises made to New Yorkers.
The agency has turned down a request by Mr. Silverstein to finance his towers but its suggestion of putting off the construction of two major towers for several years is unlikely to prove very popular given the public frustration with the project's many delays and major design changes.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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