Compiled by Russell Steinberg [more]
Posts Tagged ‘east river waterfront’
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As of December, the Lower Manhattan Development Corp. still had yet to spend much of the $2 billion it received from the federal government after Sept. 11, 2001, the Downtown Express reported. The organization, which Mayor Mike Bloomberg has said should be shuttered and folded into the Lower Manhattan Construction Command Center subsidiary, has earmarked $1.87 billion of the funds for specific projects, like the $140 million reconstruction of the East River Waterfront and the new, $23 million Spruce Street School. But it has spent only $1.33 billion of those earmarked funds so far, and the remaining $135 million is not committed to any project yet. The LMDC had also received another $783 million from the government for utility repairs, of which $159 million is not yet committed. Even more money could be left over if projects are completed ahead of schedule, or if Bloomberg’s calls for the LMDC to cease operations are heeded: the organization has set aside $14 million for its future administrative costs. [Downtown Express]
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The WTC Memorial and One World Trade Center are underway, but the fate of other Ground Zero projects remains unclear.From the January issue: Development in Lower Manhattan, perhaps more than anywhere else in the
city, is characterized by big ideas. The biggest and most obvious
developments are related to Ground Zero, a site that at present is more
notable for its building delays than its progress. Still, prominent
World Trade Center-related projects, including the September 11th
Memorial, are expected to be finished within the next few years. Beyond the World Trade Center, big Lower Manhattan projects
underway include the construction of the tallest residential tower in
the city and work on the East River Waterfront. Other developments,
such as towers near the Battery Tunnel and the redevelopment of the
South Street Seaport, have fallen victim to the down market. Here are some of the plans floating around that, if brought to fruition, would fundamentally alter Lower Manhattan.
