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NEW YORK CITY-As New York City braces for the Port Authority of New York and New Jersey’s updated progress report on the World Trade Center, which is expected to be revealed sometime today, many insiders have wondered what the report will entail. One published report says that the agency will reveal that the site has overruns of $1.7 billion, a figure that is lower than previous reports, while Avi Schick, president of Lower Manhattan Development Corp. said that the authority’s report would focus on setting priorities rather than establishing a timetable.

As GlobeSt.com previously reported, Gov. David Paterson called on the Port Authority to assess the overall rebuilding effort at the World Trade center site, and although significant progress has been made in the rebuilding efforts, the Port Authority did admit that there were significant delays and cost overruns.

Driving the original timeline for completing the WTC project was the expectation that all of the individual components would essentially emerge simultaneously, Schick said during a panel discussion on Downtown at last week’s RealShare New York. Now that it’s clear that this won’t be the case, he said, it’s important to “set the table” by making sure the necessary infrastructure is in place so that developers can come in and complete their pieces.

No matter what the Port Authority’s report entails, with today’s financial market turmoil, Wall Street’s devastation is taking its toll at the site, leaving it easy to question how many more cost overruns and delays can be expected, and whether or not empty buildings will rise. According to published reports, the credit crisis may prove to be additional obstacles for Silverstein–he’s doing Towers 2, 3 and 4–however reports say that despite the market, he will keep going full steam ahead. A Silverstein spokesperson tells GlobeSt.com that they are not issuing any statements or comments as of yet regarding the progress report update or construction timeline at this time. The Port Authority did not return GlobeSt.com queries by deadline.

However, with all the uncertainties, Downtown has still exceeded expectations seven years after 9/11, as GlobeSt.com previously reported. Its transformation includes sustained growth in its business sector, residential population and tourism industry. And although questions do remain surrounding post-9/11 development, sources have continuously said that Downtown is well-positioned to weather the storm. “The promise and excitement of downtown is well and alive, we just need to dance a cautious dance for the time being,” according to Nick Petkoff, director of sales in the Financial District and Tribeca at Massey Knakal Realty Services.

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