City Awaits New WTC Progress Report

NEW YORK CITY-As New York City braces for the Port Authority of New York and New Jersey’s updated progress report on the World Trade Center, which is expected to be revealed sometime today, many insiders have wondered what the report will entail. One published report says that the agency will reveal that the site has overruns of $1.7 billion, a figure that is lower than previous reports, while Avi Schick, president of Lower Manhattan Development Corp. said that the authority’s report would focus on setting priorities rather than establishing a timetable.

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.