THE PORT AUTHORITY OF NY & NJ
Press Release Article
PORT AUTHORITY LAUNCHES PROJECT TO DEVELOP
WORLD-CLASS RETAIL AT WORLD TRADE CENTER SITE
Date: Oct 20, 2005
Press Release Number: 121-2005
The Port Authority today officially launched the redevelopment of world-class retail at the World Trade Center site, which ultimately will provide a wide variety of consumer services to commuters, visitors and residents.
The bistate agency’s Board of Commissioners authorized planning and preliminary design work for the redevelopment’s first phase that will include up to approximately 200,000 square feet of retail operations to be located in the World Trade Center Transportation Hub. When all of the phases of the redevelopment are complete, it is expected that there will be approximately 550,000 square feet of retail operations on the site.
The preliminary design work for the first phase will be completed in the spring of 2006, at which time the Board will be asked to authorize final design and construction, with the first retail establishments to open in 2010.
New York Governor George E. Pataki said, “Restoring the vitality and street life to the neighborhoods around the World Trade Center site has been one of our primary goals since 9/11. By offering a wide variety of high-class retail establishments, we will provide a major boost to the economy and the quality of life for those who live and work downtown. Expediting the first phase of retail in the World Trade Center Transportation Hub is critically important. I have also asked the Port Authority to formulate a plan and explore innovative and creative ways to advance retail along the Church Street corridor and we look forward to the unveiling of its vision in the upcoming weeks.”
Acting New Jersey Governor Richard J. Codey said, “Rebuilding the successful World Trade Center retail presence will once again provide a major benefit for the tens of thousands of New Jersey commuters and visitors who travel to New York City each day. These shops and restaurants will be a major convenience for our busy travelers, allowing them to take care of errands or grab a meal while traveling through the new PATH Terminal.”
Port Authority Chairman Anthony R. Coscia said, “The World Trade Center retail mall was one of the most successful in the country. We believe the new retail presence at the site will be equally successful. It also will provide the agency with a significant source of revenue that we need to fulfill our commitments to upgrade the region’s transportation network as outlined in our 10-year strategic plan.”
Port Authority Vice Chairman Charles A. Gargano said, “The business and residential community in Lower Manhattan agree that restoring a vibrant retail presence at the World Trade Center site is vital to downtown’s continuing recovery. Our plans to build retail for the transportation hub will begin this process, and we will work toward installing retail in other locations around the site.”
Port Authority Executive Director Kenneth J. Ringler Jr. said, “This is only the beginning of our ambitious plans to restore the vibrant shopping and dining atmosphere that once existed at the site. Our future plans call for at least 300,000 more square feet of retail throughout the site, including the possibility of a spectacular galleria that will connect lively retail areas and create a vibrant pedestrian space.”
In addition to the retail space at the transportation hub, additional space will be built along Church Street from Vesey to Liberty streets in the bases of Towers 2, 3, and 4. The Port Authority is exploring ways to design and accelerate construction of that retail space, which will total an additional 300,000 square feet.
The Port Authority of New York and New Jersey operates many of the busiest and most important transportation links in the region. They include John F. Kennedy International, Newark Liberty International, LaGuardia and Teterboro airports; AirTrain JFK and AirTrain Newark; the George Washington Bridge and Bus Station; the Lincoln and Holland tunnels; the three bridges between Staten Island and New Jersey; the PATH (Port Authority Trans-Hudson) rapid-transit system; the Port Authority-Downtown Manhattan Heliport; Port Newark; the Elizabeth-Port Authority Marine Terminal; the Howland Hook Marine Terminal on Staten Island; the Brooklyn Piers/Red Hook Container Terminal; and the Port Authority Bus Terminal in midtown Manhattan. The agency also owns the 16-acre World Trade Center site in Lower Manhattan.
The Port Authority is financially self-supporting and receives no tax revenue from either state.