why we should build apartments at ground zero
The FreedomTower, with or without its fancy spire, is an unnecessary building. The planned skyscraper, which will contain 2.6 million square feet of commercial office space, doesn’t have a single tenant – an unsurprising fact, since the demand for commercial office space in lower Manhattan is so small that it can barely be said to exist. The tower, it seems, is being built not to ennoble, enliven, or enrich the city but to satisfy the narrow, self-interested agendas of Silverstein, who leased the TwinTowers in 2001, and the Port Authority, which build the WorldTradeCenter and still controls the land. Silverstein, for his part, is largely building with insurance money instead of borrowing, as developers usually do, and he figures that he will be well positioned in the unlikely event that the lower Manhattan office market rebounds. Meanwhile, the Port Authority receives ten million dollars a month in rent that Silverstein still pays, under the terms of his lease.

- bill 6-01-2005 6:35 pm




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