Seven Years After 9/11, Downtown Exceeds Expectations

NEW YORK CITY-Seven years after the 9/11 attacks, industry insiders have taken notice of the transformation of Lower Manhattan, a transformation that includes sustained growth in its business sector, residential population and tourism industry. Although some the progress of post-9/11 development is in question, the general consensus from sources is that Downtown is well-positioned to weather the storm.

Elizabeth Berger, president of the Alliance for Downtown New York, says that “while there is still much work to be done developing the World Trade Center site, the bigger story is how Lower Manhattan has emerged as one of the most dynamic and successful live/work communities in the world.” Berger points to the pricing of office space leasing as one particular attraction, as well as housing options, public transportation, schools, restaurants and more. She says the area is now the place where people want to be, and it is just the beginning.

Although both Mayor Michael Bloomberg and Gov. David Paterson have shared a sense of disappointment and frustration at the pace of the Ground Zero rebuilding, which has yet to come up with a “realistic timeline or budget,” according to Gov. Paterson, there has been progress in other areas of Lower Manhattan. Gov. Paterson expects a comprehensive review of the process and issues necessary to bring certainty and progress to Ground Zero, including the abatement and deconstruction of 130 Liberty St. from the Port Authority later this month.