World Trade Centre project won’t be finished until 2037

April 16th, 2009 - 6:23 pm ICT by ANI  

New York, Apr.16 (ANI): The World Trade Centre won’t be fully rebuilt and occupied until 2037 - a full 36 years after terrorists reduced it to rubble, a new study says.

The endless delays that have plagued the site since 9/11 could drag on, pushing back the project’s completion nearly a generation, said a marketing analysis prepared for the Port Authority and obtained by the New York Daily News.

Drafted by real estate titan Cushman and Wakefield, the study predicts that the site’s center piece, the Port Authority’s 1,776-foot Freedom Tower, won’t be filled with tenants until 2019. Other troubling findings included:

- It could take 12 years to fully lease Silverstein’s Tower 2, a 79-story, 1,270-foot giant that will be taller than the Empire State Building. It could be finished in 2014, but it won’t be filled until 2026.

- Construction wouldn’t even begin until 2,026 on Tower 3, a 71-story, 1,137-foot colossus that will climb higher than the Chrysler Building. Ribbon-cutting would come in 2030 and full leasing in 2037.

The survey, the gloomiest of several studies commissioned by the agency, based its projections on anticipated market demand for office space at the 16-acre site. It comes amid contentious talks between the PA and developer Larry Silverstein that threaten to unravel plans for his three signature office towers on Church St.

The builder and his landlord have been negotiating the financing and timetables of an emotionally charged project that’s already years behind schedule and billions over budget.

The Port Authority calls the study a “market-driven analysis,” not an agency proposal, but Silverstein’s organization differed with the dour outlook.

The latest budget-busting delays come with Wall Street jobs evaporating, credit markets shuttered and financial firms imperiled. (ANI)

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