World Trade Center Project Cost to Be at Lower End of Estimateby
Report in 2012 projected $14.8 billion to $15.8 billion
Calatrava-designed transit hub on schedule to open early March
The total cost of the World Trade Center rebuilding project will come in at the lower end of the $14.8 billion to $15.8 billion range projected four years ago, a Port Authority of New York and New Jersey official said.
The cost estimate was contained in a 2012 report commissioned by the agency’s board as it struggled under criticism that spending at the lower Manhattan development site was getting out of control, said Steve Plate, chief of major capital projects for the Port Authority.
Plate spoke Friday as he gave a tour of the almost-complete transportation hub at the World Trade Center with its designer, Santiago Calatrava. The hub, with its distinctive winglike ribs, is scheduled to open the first week of March, connecting the authority’s PATH commuter trains from New Jersey with the New York subway system as well as trans-Hudson ferries.
The transit center will cost between $3.7 billion and $3.99 billion, which was the estimate given in the 2012 report, according to Plate. The exact figure won’t be known until the authority completes some construction contracts, he said.
“We had an obligation to do something special,” he said of the transit hub, which had been criticized for ballooning costs. “We did it very prudently and intentionally to give the best quality, the best product and the best structure that we could provide to the city of New York. And we’re very proud to report that we feel very strongly that that mission has been accomplished.”