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Downtown Renaissance Nears

NEW YORK CITY-What's next for Lower Manhattan now that a deal for the World Trade Center redevelopment has been struck? Downtown leaders say the pieces of the puzzle are coming together with transportation as the key.

By Barbara Jarvie | Updated on April 28, 2006

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 build-out’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 Airport and is also focused on attracting and retaining commercial businesses as well as retail. According to Alliance officials, the area’s work force, 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, healthcare 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.

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