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Doing the $24 Billion Math on WTC Redevelopment

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The Times' real estate guru Charles Bagli turns his development calculator to the World Trade Center construction, and come up with a figure approximating $24 billion. (We'd heard the "unconscionable" sum of $700M bandied about for the memorial, to which Bagli tacks on another $295 million.) Lo, 26 interdependent projects don't come cheap, especially "on a cramped 16-acre site next to a river and with two transit lines running underneath," not to mention a decade's worth of political pissing contests.

The most curious of those 26 projects, in Bagli bias, is the Calatrava transit hub, which has swelled to $3.44 billion and will serve "only" 80,000 PATH riders daily. He may have a point: ever-beleaguered Penn Station serves seven times that number, and can't even get a tourist-friendly bowling tournament.
· Downtown’s Rebirth, 10 Years and $24 Billion Later [New York Times]
· Let's Get Critical: Judging WTC Architecture with Dash of Politics [Curbed]