"The redevelopment of the World Trade Center is one of the mostchallenging and critical real estate projects facing New YorkCity," explained Professor Andrew Berman, director of the Centerfor Real Estate Studies. "Not only is the successful redevelopmentof the World Trade Center site vital to the future of New YorkCity, but it is also especially important to the New York LawSchool community given our close proximity."

Silverstein pointed out to attendees--which included the generalpublic as well as students--that "we are involved in what's goingon Downtown," noting that those who study, work and live in theneighborhood are the reason why it is such an exciting developableopportunity. "Many believed that Downtown was dead after 5 p.m. andquiet on the weekends," Silverstein said; however, "the Downtowneconomy is durable and everlasting. It is reinventing itself."

He noted that "for years, the rebuilding of the World TradeCenter seemed in disarray, and it was. We had to call on ouroptimism. Now, years later, it is booming." New shops are openingevery week, he explained, adding that hotels and restaurants arecontinuously opening as well. "Vacancy rates are now at 6.2%."However, he did note that although there is demand for Downtownliving space, which attracts retail to the area, "in order toremain a world class business district, Downtown needs new officespace, which is what we are doing at the World Trade CenterTowers."