City establishes team to oversee $400M arts center at WTC

August 19, 2011 09:05AM

Community members and city officials remain committed to building a 1,000-seat performing arts venue anchored by the Joyce Theater at the World Trade Center, the Wall Street Journal reported, especially in the lead up to the opening of the Sept. 11 memorial. A new board is currently being formed to oversee its creation.

“Between now and the 10th anniversary, the focus will be on getting the memorial open and preparing for the anniversary, but as we get to this fall, everyone’s going to say, ‘What is the next step?’ and ‘How do you fully round out the site?'” said state Sen. Daniel Squadron.

With construction still six years away, the Lower Manhattan Development Corporation has allocated $155 million for the Frank Gehry-designed project, which is estimated to cost $400 million to $500 million. There is still a huge funding gap, and the board will have to scout donors.

“It’s very critical that we look at this as an economic development process which will bring construction jobs, long-term jobs and foot traffic to the myriad small businesses that are in the neighborhood,” said Julie Menin, chairwoman of Community Board 1. [WSJ]