New Timeline Is In Place for Downtown Redevelopment

In addition to the Freedom Tower groundbreaking coming months ahead of a previously announced timeframe, the dismantling of the Deutsche Bank building, which had long been a source of dispute, will begin in the fall and be completed by 2005.

In an effort attract visitors to Lower Manhattan, Pataki announced the development of a multi-million dollar advertising campaign to brand the neighborhood as a destination spot. The campaign, led by the Lower Manhattan Development Corp. and the Empire State Development Corp., will focus on attracting the foot traffic to sustain the retail and restaurant community. They will work in conjunction with Downtown Alliance and Wall Street Rising.

Another effort designed to help area businesses is the creation of a wireless data network system to enable businesses to broadcast data through secure channels to satellite locations. The ESDC is committing $10 million toward the endeavor. Pataki noted a few advancements--plans for the Fulton Street Transit Center will be unveiled later this month and the Con Ed substation in Seven World Trade Center will begin service by the end of the month.

The Port Authority ferry services between Lower Manhattan and bothLaGuardia Airport and JFK are on schedule and service to LaGuardia will begin this year. The JFK service will start in 2005. The expansion of the Battery Park City Ferry Terminal has begun and is expected to be completed by the spring of 2006, while the South Ferry terminal is on track to open in 2007.

"The Governor once again showed his strong commitment to rebuilding Lower Manhattan with an impressive list of new targets for all aspects of the rejuvenation of Downtown, including the full range of much needed transportation infrastructure improvements," notes Marolyn Davenport senior vice president, Real Estate Board of New York.