Rebuilding the World Trade Center and PATH station in lower Manhattan has cost the Port Authority $7.7 billion?money, that before the 9/11 attacks, was earmarked for other major projects. Terminal A at Newark Airport, a new bus garage on Manhattan's West Side, the leaky central terminal at La Guardia, and a new Goethals Bridge are just a few of the long-planned repairs and expansions that have been pushed to the back burner as costs at the 16-acre downtown site continued to rise. The PATH station, now $3.7 billion, has doubled in cost since the project started, and the price tag of One WTC ballooned to $3.9 billion, making it the most expensive office building in the world. The Port Authority is paying more of the $15 billion being spent on the site than any other party involved, and since 2001, the Port Authority's debt has jumped $9 billion to $19.5 billion.
The agency is well-aware of the situation. "Clearly, if we spend a dollar on one use it's not available to spend on something else," the PA's executive director told the Journal. He added, "We've got some catching up to do, obviously." To do that, the Port Authority is exploring ways to bring in more private sector financing to get other projects off the ground. But for now, we're stuck with higher tolls?bridges now cost $12 per car?and crappy airports?LaGuardia was named the worst in America by Travel + Leisure.
· Big City Projects on Back Burner Since Attacks [WSJ]
· World Trade Center Redevelopment [Curbed]