World Trade Center (A Brighter Millennium Dawn)

The World Trade Center is a building complex located in Lower Manhattan, New York City, United States. It was built between 1968 and 1973 and remains one of the most important commercial centers in the US and the world. It features the Twin Towers, an iconic landmark.

## **Timeline**

### **Planning**

In 1943, the first plan to create a "World Trade Center" was proposed and granted by the New York State Legislature, passing a bill that authorizes then New York Governor Thomas E. Dewey to start developing plans. However, this was put on hold in 1949. In the late 40s and early 50s, New York City's economic growth was contributed to Midtown Manhattan, causing David Rockefeller to suggest placing the World Trade Center in Lower Manhattan to stimulate urban renewal. Radio Row was the site selected for the development of the complex with demolition starting on 1966.

### **Construction**

After the demolition of Radio Row, construction on the World Trade Center started on August 5th, 1966. To keep the Hudson River from leaking into the site, a slurry wall had to be created first. The materials that were removed after this were used to create Battery Park City and expand the shoreline. In 1968, The North Tower (One World Trade Center) started construction while the South Tower was under way by 1969. To keep from disrupting regular PATH train service, the site was built around its Hudson Terminal station and tunnels. The North Tower was topped off in 1970 while the South Tower was topped off in 1971.

### **Tightrope Walker**

In 1974, tightrope walker Philippe Petit engaged in a high wire walk across the Twin Towers. When he was brought down, Philippe was charged with criminal trespass and disorderly conduct. However, these charges were lifted in exchange to performing in Central Park.

### **The 2/13/1975 Fire**

On February 13th 1975, a fire was started on One World Trade Center's 11th floor. It began to spread to the 9th and 14th floors through a burning telephone cable. The fire was put out and most of the damage was found on the 11th floor. The tower itself was structurally stable due to fireproofing on the steel. Due to there being no fire sprinklers, the water used to put out the fires damaged the floors below. As a result, The Port Authority announced a $41 million plan to install fire sprinklers in the World Trade Center.

### **7 World Trade Center**

During 1980, the Port Authority held a bid to construct a new 7 World Trade Center as the final part of their site. Larry Silverstein would win this bid, leading construction for the 47 story building starting 10/2/1984. It was completed in 1987 and officially opened on May 1987. However, once the building opened, tenants would not be attracted. The Salomon Brothers would eventually sign a lease on 1988, becoming the anchor tenant.

### **Privatization of the World Trade Center**

The Port Authority of New York and New Jersey decided yesterday to accept bids from private operators to run the agency's landmark World Trade Center property.

The agency will gather requests for proposals on the trade center - whose twin towers rise 110 stories, dwarfing Manhattan's skyline - during the next two to three months.

In the following six to nine months, the Port Authority expects to make a decision on which long-term lease proposal it will accept for the world's largest commercial office space.

Port Authority officials, who are appointed by New York Gov. George E. Pataki and New Jersey Gov. Christine Todd Whitman, hailed the decision as the most important advance of the governors' plans to privatize the agency's non-transportation and non-infrastructure properties.

The privatization process began in 1995 with the Port Authority's sale of the Vista hotel, which is located within one of the World Trade Center's towers.

New York City Mayor Rudolph W. Giuliani had opposed the transaction, fearing that New York and New Jersey would agree to a lease arrangement under which the city would not be able to collect taxes on the full value of the property.

But Charles Gargano, one of Pataki's representatives on the Port Authority board of directors, said that under the agreement reached yesterday, "full real estate taxes will be paid to the city of New York."

The agency currently makes payments in lieu of taxes to the city that are approximately one-fourth of what the taxable value of the property may be.

"We're willing to pay more taxes if we get more money" from the lease agreement, Gargano said.

Port Authority officials would not estimate the full value of the World Trade Center on the open market, but said it would let the lease proposals determine that figure.

Authority officials said it will not be forced to retire debt used to finance construction of the trade center because of the agency's policy of issuing consolidated debt.

Separately, the Port Authority is considering refunding as much as $350 million in debt to take advantage of current low interest rates.

J.P. Morgan & Co. is currently serving as a financial adviser to the Port Authority on decision of how to lease the trade center, as is the real estate firm Cushman Wakefield. Chemical Securities had also advised the agency on privatizing the property before leaving the municipal business in 1996.

### **February 15, 2001**

Bids for the lease came from Vornado Realty Trust, a joint bid between Brookfield Properties Corporation and Boston Properties, and a joint bid by Silverstein Properties and The Westfield Group. Privatizing the World Trade Center would add it to the city's tax rolls and provide funds for other Port Authority projects.

### **April 26, 2001**

the Port Authority announced that Vornado Realty Trust had won the lease for the World Trade Center, paying $3.25 billion for the 99-year lease. Vornado outbid Silverstein by $600 million though Silverstein upped his offer to $3.22 billion. However, Vornado insisted on last-minute changes to the deal, including a shorter 39-year lease, which the Port Authority considered nonnegotiable. Vornado later withdrew and Silverstein's bid for the lease to the World Trade Center was accepted.

### **July 24, 2001**

the deal was accepted. After the purchase, Westfield was planning a massive renovation and expansion of the mall, and was going to rename it Westfield Shoppingtown World Trade Center in 2002.

### **September 11, 2001**

Safe Flights And Blue Skies. People begin to settle into their flights, knowing they are safe on board with no terrorists and a captain at around 8:30 am. The President is currently contuining to read a story to a group of children, and everyone is starting their day. As people start to file into their work places in the World Trade Center and Twin Towers, the two Boston flights, a Washington and finally a Newark flight began their safe journey to their destinations. So breakfast was served to the public, but because of renovations, the restaurant is opened to the public during the time of the attacks is prevented! And the members of The World Trade Center Club were people who worked at the World Trade Center! Morning activities have commenced at the World Trade Center, a commercial building complex in lower Manhattan owned by the Port Authority of New York and New Jersey, an interstate agency. In addition to the signature Twin Towers (1 and 2 World Trade Center), the complex included a hotel (3 World Trade Center), four office buildings (4, 5, 6, and 7 World Trade Center), a shopping mall, restaurants, a public plaza, and a major transportation hub. Around 8:30 a.m., roughly 80 people have gathered to attend the Risk Waters Group financial technology conference on the 106th floor of the North Tower. Seventy-two restaurant staff have arrived in advance of the morning’s breakfast service and conference preparation. Other special events at the World Trade Center planned for September 11 include the annual National Association for Business Economics (NABE) conference, already underway in the Marriott hotel, an evening dance performance on the World Trade Center’s outdoor plaza, and a Peace Corps information session scheduled for 6:00 p.m. in 6 World Trade Center.

### **December 25, 2001**

The Mall at the World Trade Center is temporarily closed for a major renovation, which will expand the mall and bring in new tenants, and even introduce a food court. The mall, which was acquired by the Westfield Group back in August, is set to reopen in the Summer of 2002, and will be renamed "Westfield Shoppingtown World Trade Center".

### **August 10, 2002**

The newly-expanded WTC Mall, now known as Westfield Shoppingtown World Trade Center, reopens to the public.

## **Gallery**

The World Trade Center is a building complex located in Lower Manhattan, New York City, United States. It was built between 1968 and 1973 and remains one of the most important commercial centers in the US and the world. It features the Twin Towers, an iconic landmark.The World Trade Center is a building complex located in Lower Manhattan, New York City, United States. It was built between 1968 and 1973 and remains one of the most important commercial centers in the US and the world. It features the Twin Towers, an iconic landmark.The World Trade Center is a building complex located in Lower Manhattan, New York City, United States. It was built between 1968 and 1973 and remains one of the most important commercial centers in the US and the world. It features the Twin Towers, an iconic landmark.The World Trade Center is a building complex located in Lower Manhattan, New York City, United States. It was built between 1968 and 1973 and remains one of the most important commercial centers in the US and the world. It features the Twin Towers, an iconic landmark.