New WTC dates announced, Greenwich Street to be completed in 2012

New York /
Oct.October 02, 2008 05:26 PM

 
The reconstruction of Greenwich Street, a part of the World Trade Center site that is of particular importance to real estate in Lower Manhattan, now has a target completion date — the second quarter of 2012 — but accounting for potential delays, the more likely date is the fourth quarter of that year, according to a report released today by the Port Authority of New York and New Jersey.

“The establishment of Greenwich Street, which is meeting the needs of Lower Manhattan for the real estate industry, will be achieved,” Port Authority Executive Director Christopher Ward said at a press conference with Governor David Paterson and Mayor Michael Bloomberg this afternoon. Greenwich Street will be the access point for Towers 2, 3, and 4 at the site and for the memorial, and the No. 1 subway line will run underneath it.

All elements of the World Trade Center site are now slated for completion between 2010 and 2013, but construction could extend into 2014 if there are delays, according to the report, which includes both target completion dates and “probabilistic” dates generated by a computer program that took possible problems into account. The report also revises the estimated budget for the project, to about $1.7 billion more than the original $8.4 billion.

Developer Larry Silverstein, whose three World Trade Center Towers comprise another significant real estate project at the site with a 2012 completion date, said in a statement today that he is considering the report and whether he will need to change his construction schedule. “We are now going to study the Port Authority’s report and back-up materials so that our construction professionals can evaluate the new dates they have identified. This will allow us to gauge the impact on our part of the World Trade Center rebuilding effort,” he said.

Bloomberg stressed the importance of other downtown development — there are twice as many people living downtown today as there were on 9/11, he noted — in making the area ready for the new World Trade Center site.

“Nobody builds a building in a vacuum, you build it in a neighborhood,” Bloomberg said at this afternoon’s press conference with Paterson and Port Authority officials. “Downtown will be a phenomenal place for lots of businesses.”

Parts of the memorial at the site will be ready by September 11, 2011, the 10th anniversary of the attacks, the Port Authority report said.


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Kevin Baker (Photo via Landmark Commercial Real Estate Services)
Detroit real estate executive killed in hit-and-run in Miami Beach
Detroit real estate executive killed in hit-and-run in Miami Beach
Architect Kobi Karp, Developer Todd Glaser and renderings of the mansion (Glaser, Karp)
Palm Beach board rejects “alien” design of mansion for former Epstein property
Palm Beach board rejects “alien” design of mansion for former Epstein property
Zillow CEO Rich Barton (Zillow, Getty)
Zillow rides strong housing market to $9.6M profit in Q2
Zillow rides strong housing market to $9.6M profit in Q2
NY investment sales market roars back
New York City investment sales market roars back
New York City investment sales market roars back
TRD’s South Florida Event Is Back
TRD’s South Florida Event Is Back
TRD’s South Florida Event Is Back
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...