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. 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.
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