After nine years of planning, political wrangling, and complicated financial dealings, the bulk of the building decisions has been finalized and construction is moving full speed ahead, announced Governor David Paterson, Mayor Bloomberg, New York and New Jersey Port Authority management, and Larry Silverstein of Silverstein Properties on Tuesday.
All parties expressed their great pleasure at the completion of framework agreements that will allow construction to move forward on the five trade towers, as well as a new transportation hub and the National 9/11 Memorial and Museum.
“While nothing happens in democracy as quickly as we would like, the truth of the matter is democracy does get you to the right place, even if it is sometimes painful and sometimes takes some time,” said Bloomberg.
Located on the northwest corner of the WTC site, 36 floors of Tower 1, owned by the Port Authority and slated to be the tallest building in America at 106 stories, have been completed, and the entire building is targeted for completion in 2013. When finished the building will be a symbolic 1,776 feet tall.
Silverstein’s construction of Tower 4 has also become visible, while foundations for Towers 2 and 3 are in the works. The demolition of 130 Liberty, the site of Tower 5, is nearly complete.
The new PATH transportation hub, designed by celebrated architect Santiago Calatrava and slated to be the third largest station in the city, is progressing according to schedule.
The entire project, including 550,000 square feet of retail shopping, is expected to be finished within five years, says Silverstein.
9/11 Memorial to Be Completed First
The September 11 Memorial and Museum will be the first of the structures to be completed. It has been promised for next year, on September 12, 2011, in time to mark the first decade after the Twin Towers and Tower 7 fell, emitting destructive plumes of dust amid the horror of the world’s people.
The mayor referred to the memorial as the “spiritual and emotional hub of the site.”
The heart of the memorial will be housed seven stories below bedrock, where portraits of the nearly 3,000 men, women, and children who lost their lives will be displayed.
Today, one of two steel tridents from the original tower foundations was lowered into place. The two large steel structures, salvaged from the wreckage after the Sept. 11 attacks, will eventually form the focal point of a 56-story glass pavilion topping the underground museum. The second column is scheduled to be installed on Wednesday.
Also, last week the first installation of 16 oak trees were planted in the open public plaza area around the memorial site. Each month more trees will be added, up to a total 400.
The trees symbolize the return of life to the site, said Joe Daniels, president of the non-profit corporation, the National September 11 Memorial and Museum, which is charged with overseeing the design and financing of the memorial.
Two large recessed square voids, positioned where the foundations of the twin towers once were, will become large fountains that disappear into the earth.
A Future for Lower Manhattan
Despite widespread current economic uncertainty, stakeholders and the local and state government are betting that the new World Trade Center office towers, offering 10 million square feet in office space, will be ready when the next wave of economic prosperity ensues.
The fast-rising Goldman Sachs global headquarters tower just west of the site, and a letter of intent from Condé Naste for 1 million square feet of office space in Tower 1, have given stakeholders hope that the future of the area is economically viable.
Larry Silverstein, the lease owner of Towers 2, 3, and 4, as well as the owner of Tower 7, is a committed advocate of the area’s future, as well as the prime player in its redevelopment.
After completing the largest real estate transaction in NY history, just six weeks prior to the 9/11 attacks, to acquire the two towers and Tower 7, the company is obligated to rebuild the site.
“This day has been a long time in coming,” said Silverstein today.
Resident occupancy in Lower Manhattan has more than doubled from 2001 figures to 55,000 people. A total of eight schools, with two more under construction, 600 retailers, 11 grocery stores, and 450 restaurants, serve the expanding neighborhood’s needs.
“Nine years of predictions consistently have been wrong. People are not running away from Manhattan, they are running to Lower Manhattan,” said Sheldon Silver, speaker of NY State Assembly.
Chris Ward, Executive Director of the New York and New Jersey Port Authority, appears to be less enthusiastic. While he concedes that progress has been made, “we must also acknowledge that there is long and difficult work ahead,” he said.
As part of the development plan the Port Authority agreed to on Aug. 26, Tower 3 will be subject to a 400,000 square foot pre-lease condition, as well as input of $300 million of equity from Silverstein Properties.
A “Cash Trap” agreement requires that public stakeholders get their money back before Silverstein Properties makes any profits on the completed towers.
The PA projects a capital expenditure of $1.1 billion to $1.3 billion through 2016. Other projects will not be deferred as a result of the Authority’s involvement in the World Trade Center buildings.
“There is life at ground zero,” said Governor Paterson.
