"To reach its full potential by 2020, Downtown needs investment now, both public and private," Jack Nyman, director of the institute, tells GlobeSt.com. He says there needs to be investment in Lower Manhattan's transportation infrastructure and in new residential and commercial space, as well as improving the area's appearance and functional amenities. The result of carrying out a long-term vision for Downtown could be "one of the nation's great urban jewels," according to the report.

"We feel the highest priority is to complete the World Trade Center sites, and given long lead times, we recommend to start building now," Nyman says. Large-scale commercial projects "can't be flicked on like a light switch" in response to an upsurge in demand, he adds, but must be built in anticipation of future needs. In fact, the report calls for six million square feet of new office space Downtown above and beyond what the WTC development will produce.

The report was prepared by a team that includes representatives from Baruch, New York University and private companies including Real Capital Analytics, Grubb & Ellis and Sam Schwartz Engineering. It discusses six principles that its authors believe are essential to Lower Manhattan's future. They include: reinforcing the area's "historic urban structure" and building a sustainable future for Downtown; creating new housing units to address population and household growth; creating new class A office and retail space; connecting Downtown to the region and world via transportation links; emphasizing Lower Manhattan's origins and maximizing "access to the water's edge"; and creating a 24/7 environment that emphasizes education and culture as well as entertainment.