"Some people thought that the building shouldn't be built and that it should be a memorial to the people who perished on 9/11, some people thought was a boondoggle," says the Durst Organization's vice president of public affairs Jordan Barowitz, who helped put together the project for the tower. Controversial at first, the tower is now 90% leased, and 8,000 employees of tenants such as publishing giant Condé Nast and credit rater Moody’s have moved in. The Durst Organization, owned by the billionaire Durst family, bought a 10% stake in the project in 2010 from the Port Authority for $100 million, which owns the rest Silverstein gave up the rights to develop the tower in 2006 in a deal that secured public debt financing for the rest of the development. One World Trade Center, which tops out at a symbolic height of 1,776 feet (the year the Declaration of Independence was signed), instantly became an icon of New York’s skyline when it opened in 2014. The north pool of the 9/11 Memorial and One World Trade Center in May 2013.
Once it’s all complete-people familiar with the project estimate it will take another five years-the combined square footage of office space will be more than 12 million, nearing the 13 million square feet in the old complex. According to Lynne Sagalyn, a Columbia Business School professor who authored a book on the redevelopment effort, the total costs will rise to $26.2 billion as construction moves forward on 2 World Trade Center, an office tower where Silverstein is still looking for an anchor tenant, and 5 World Trade Center, slated to become a residential building in a joint venture between Silverstein and Brookfield Properties.
Another $3 billion went to underground infrastructure, streets, utilities and open spaces. That sum includes $4 billion that the Port Authority and the Federal Transit Administration spent on the Oculus transportation hub and $1 billion spent on the Memorial Plaza and Memorial Museum. Still, it’s quite a bit short of the $20 billion plowed into the project by public and private investors since 2001. That’s far higher than the $3.2 billion Silverstein paid in June 2001 ($4.9 billion adjusted for inflation today) and the $4.6 billion he received from the insurance payouts following the disaster. Silverstein, his partners and the Port Authority owe about $3.3 billion of debt, held in the form of tax-exempt Liberty Bonds due in 2100, on the properties. Forbes estimates the combined value of the completed office buildings that currently house more than 40 tenants-One, 3, 4 and 7 World Trade Center-to be more than $11 billion.
Studio Libeskind has been coordinating with the Port Authority of New York and New Jersey, the Lower Manhattan Development Corporation, City of New York, and the architects of the individual buildings to realize the master plan.What might have seemed impossible in the aftermath of the attacks-to recreate a bustling commercial district at the heart of lower Manhattan-has not only become a reality, it’s also been a relative financial success. Two World Trade is the next building in the master plan to be constructed. The Transportation Hub was completed in 2016 and Three World Trade was completed in 2018. One World Trade opened in early 2015 with the symbolic height of 1,776 feet. The Memorial Museum opened in spring 2014, with underground galleries that reveal the slurry wall that withstood the terrorist attack and will forever remain as a testament to the strength of America’s foundations. The results are becoming visible with the opening of a 200-foot stretch of street and sidewalk on Greenwich Street, which hasn’t existed since the 1960s. In the end, he devoted half of the 16-acre site to public space, defined by the Memorial and the Memorial Museum, while also setting aside locations for sustainable, high-tech office towers, re-connecting the historic street-grid, reinvigorating the streetscape with above-ground retail, reshaping the underground transit concourses and even finding room for two major new public facilities: an iconic new transportation station and a performing arts center. In designing the master site plan, Daniel Libeskind worked closely with all the stakeholders, knowing that it was fundamental to balance the memory of the tragedy with the need to foster a vibrant and working neighborhood. Studio Libeskind’s design, “Memory Foundations,” won the commission. In 2002, the Lower Manhattan Development Corporation (LMDC) announced a competition for a master plan to develop the 16 acres in Lower Manhattan destroyed by the terrorist attack of 9/11.
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