According to a key reconstruction official, the World Trade Center site will cost around $10 billion to rebuild, with two-thirds of that going toward the business, cultural, and transit structures envisioned in architect Daniel Libeskind's plan. The other third will go toward security measures such as surveillance cameras and metal detectors at the entrance to the trade center site.
When completed in 2018, the new trade center is expected to be one million square feet, about 20 percent larger than the original trade center. It will feature a public library, music school, and theater, among other amenities.
The current estimate for rebuilding only the destroyed parts of both towers is $7 billion. If you include the costs for repairing or replacing equipment in the buildings that remained intact, the total cost becomes $8 billion.
The $3 billion estimate is based on the number of cubic yards of concrete and steel needed to reconstruct just the 110 stories of the north tower that were left standing after 9/11. If you include the cost of repairing or replacing equipment in the building that survived the attack, the total cost is likely to be closer to $12 billion.
After accounting for inflation, interest rates, and construction costs, a study conducted by researchers from six universities concluded that rebuilding the World Trade Center would cost between $14.5 billion and $19.9 billion in 2005 dollars.
The Reserve Bank predicts that the entire cost of rebuilding will be roughly $40 billion (in 2015 USD), with slightly more than $16 billion for residential and commercial development and around $7 billion for infrastructure. It also estimates that GDP will be lower in 2016 than it would have been otherwise due to loss of production caused by construction delays and disruption.
The figure includes spending on public works such as schools, hospitals, roads, and rails as well as new homes, businesses, and government offices. It does not include the value of lost or damaged property or the financial impact of psychological damage to residents.
After the 1995 earthquake in Kobe, Japan, the total cost was estimated at $87 billion. In 2008, the city rebuilt more cheaply using concrete frames instead of brick buildings, which reduced costs significantly. However, many older houses were destroyed and the overall quality of housing has declined because developers don't have to follow any building codes when constructing new homes.
Christchurch is a relatively small city with only 1 million people so its economic impact was expected to be less than larger cities like Tokyo or San Francisco. However, the quake destroyed many buildings in the central business district, which had long been the heart of local commerce.
The restored One World Trade Center has struggled to fill its 3.1 million square feet of office space more than the other skyscrapers on the site. Four years after it opened, around 20% of the building is still vacant. It took time to construct office skyscrapers, retail businesses, a transit center, and the 9/11 Memorial. When they are filled with workers, these buildings influence the price of real estate near them.
In fact, research has shown that even after taking construction costs into account, people will pay more for apartments close to busy streets. The reason is that noise, traffic, and pollution make some areas unappealing even if they're well-located otherwise. For example, scientists have found that prices near major airports increase by as much as 10%. This means that if you look around Manhattan's Manhattan Island, you would find many more empty offices.
One possible explanation for this is that New York is a competitive market where only the best locations get rented out. Another possibility is that the site was never really profitable, which may be why there's so much space left empty. A third factor could be that new buildings often replace old ones, and developers tend not to rent out the new ones until they're sure they'll remain in business for at least five years. Finally, it's also possible that people prefer living in communities where most of their neighbors are just a few floors away, but have different jobs or come from different backgrounds.
The cleanup and recovery procedure at the World Trade Center site took eight months, after which the site started to be rebuilt. Reconstruction at the World Trade Center site has begun after years of delay and controversy. The rebuilding of New York's tallest skyscrapers is expected to take 10 years.
When completed in 2033, the 1,776-foot-tall One World Trade Center will be the tallest building in New York, topping out at more than 100 stories. The 2,716-foot-tall Two World Trade Center will be second tallest. Both buildings are being built by the Port Authority of New York and New Jersey.
The original World Trade Center was destroyed on September 11, 2001 when al-Qaeda terrorists hijacked several commercial airplanes and used them as weapons to attack the twin towers of the World Trade Center in New York City and the Pentagon outside Washington, D.C. A third plane crashed into a field in Pennsylvania. These attacks killed nearly 3,000 people. The terrorists were trying to kill as many Americans as possible by destroying symbols of our country that they viewed as evil. The World Trade Centers were important symbols of America's economic power and international trade ties. They had been growing since the 1970s when they first opened their doors to the public.
1,776 sq. Ft.
|One World Trade Center|
|Architectural||1,776 ft (541.3 m)|
|Tip||1,792 ft (546.2 m)|
You may now buy a piece of the World Trade Center for $5,000 and possess an iconic piece of New York City. Three World Trade Center's developers are looking to crowdfunding to generate interest and funds for the next project, which is currently under construction in lower Manhattan. The developers plan to raise $1 billion for the project over 10 years.
Crowdfunding allows individuals to contribute money toward something larger than themselves. Crowdfunding platforms such as Kickstarter and Indiegogo allow companies or people to post their projects for funding from others via online donations. While most people know these sites as methods for creative people to get funded for their projects, they can also be used by non-profit organizations and businesses to fund large endeavors or new products. In fact, over $100 million has been raised through crowdfunding campaigns since its creation in 2009.
The founders of Kickstarter believe that selling pieces of the World Trade Center will help "preserve the memory of 9/11 while bringing in revenue that will help secure the future viability of the site." They also hope that this initiative will "showcase the best of what technology has to offer--from music devices to scientific breakthroughs--and help spread the message about how great innovation comes from creativity unleashed".
The average asking rent in the World Trade Center neighborhood is just about $79.50 per square foot, which is somewhat less than the New York City average of $81 per square foot. Prices will, of course, vary depending on the building and floor. It's best to check with individual landlords to find out what's available in each building.
World Trade Center Properties LLC, the real estate firm that manages the buildings, announced in November 2008 that average rents had increased 10 percent over the previous year to $87.10 per square foot. The company said at the time that more than half of the buildings were still available for lease.
In September 2007, Bloomberg News reported that the average price of a new apartment was increasing faster than the rate of inflation. The report also stated that tenants' payments were becoming more important to property owners as returns from other investments like stocks and bonds have declined in recent years. In addition, it is estimated that one in four people who move into an apartment moves out within a year. This is because they can't afford the rent or they find something better offered at a lower price.
These are all factors that go into determining how much you should be paying for your apartment. If you can find a good deal, then you should take it. Otherwise, you're just throwing your money away.