As GlobeSt.com previously reported, Gov. David Paterson called on the Port Authority to assess the overall rebuilding effort at the World Trade center site, and although significant progress has been made in the rebuilding efforts, the Port Authority did admit that there were significant delays and cost overruns.
Driving the original timeline for completing the WTC project was the expectation that all of the individual components would essentially emerge simultaneously, Schick said during a panel discussion on Downtown at last week's RealShare New York. Now that it's clear that this won't be the case, he said, it's important to "set the table" by making sure the necessary infrastructure is in place so that developers can come in and complete their pieces.
No matter what the Port Authority's report entails, with today's financial market turmoil, Wall Street's devastation is taking its toll at the site, leaving it easy to question how many more cost overruns and delays can be expected, and whether or not empty buildings will rise. According to published reports, the credit crisis may prove to be additional obstacles for Silverstein--he's doing Towers 2, 3 and 4--however reports say that despite the market, he will keep going full steam ahead. A Silverstein spokesperson tells GlobeSt.com that they are not issuing any statements or comments as of yet regarding the progress report update or construction timeline at this time. The Port Authority did not return GlobeSt.com queries by deadline.
However, with all the uncertainties, Downtown has still exceeded expectations seven years after 9/11, as GlobeSt.com previously reported. Its transformation includes sustained growth in its business sector, residential population and tourism industry. And although questions do remain surrounding post-9/11 development, sources have continuously said that Downtown is well-positioned to weather the storm. "The promise and excitement of downtown is well and alive, we just need to dance a cautious dance for the time being," according to Nick Petkoff, director of sales in the Financial District and Tribeca at Massey Knakal Realty Services.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
