Downtown Renaissance Nears

NEW YORK CITY-Now that the Port Authority of New York and New Jersey and Silverstein Properties have reached an accord on the rebuilding of the World Trade Center site, what’s next for Lower Manhattan? Construction will continue in the area until the buildout’s expected completion in 2001. Those familiar with the Lower Manhattan market think this turning point is just one of the pieces of the pie that are coming together to revitalize the area.

“There is a new sense of enthusiasm,” says Eric Deutsch, president of the Alliance for Downtown New York. The Alliance is emphasizing five priorities to serve as a road map for the revitalization. These include transportation, commercial and retail activity, construction mitigation and diversification.

The group supports the proposed LIRR connection to JFK and is also focused on attracting and retaining commercial businesses as well as retail. According to Alliance officials, the area’s workforce, growing residential population and annual tourist traffic of eight million visitors is an untapped resource for marketers. “Smaller businesses are coming here,” Deutsch adds. “We’ve seen growth in professional services, creative services, health care and media companies. There has been a diversification of the tenant base. Tomorrow’s jobs come from smaller businesses.” Incentives have helped lure businesses to the area, but the 24/7 community and better amenities will help to keep them there, he notes.