One World Trade Center

Do You Know About One World Trade Center? One World Trade Center is the lead building of the new World Trade Center complex in Lower Manhattan, New York City. The 104-story supertall skyscraper is being constructed in the northwest corner of the 16-acre World Trade Center site, occupying the location where the original 8-story6 World Trade Center once stood. The building is bounded to the west by West Street, to the north by Vesey Street, to the south by Fulton Street, and to the east by Washington Street. Construction on below-ground utility relocations, footings, and foundations for the building began on April 27, 2006. History One World Trade Center is Following the destruction of the original World Trade Center on September 11, 2001, there was much debate regarding the future of the World Trade Center site. Proposals began almost immediately, and by 2003, the Lower Manhattan Development Corporation organized a competition to determine how to use the site. Public rejection of the first round of designs, the "Preliminary Design Concepts," led to a second, more open competition in December 2002, in which a design by Daniel Libeskind was selected. This went through many revisions, largely because of disagreements with developer Larry Silverstein, who held the lease to the World Trade Center site on September 11, 2001.At the time of its completion in 2013, One World Trade Center will be the tallest building in the Western Hemisphere and thethird-tallest building in the world by pinnacle height, with its spire reaching a symbolic 1,776 feet (541.3 m) in reference to the year of American independence. 1 WTC has been the tallest building in New York City since April 30, 2012. The new World Trade Center complex will also feature three other high-rise office buildings, located along Greenwich Street, and theNational September 11 Memorial & Museum, located just south of One World Trade Center, where the Twin Towers once stood. The construction is part of an effort to memorialize and rebuild following the destruction of the original World Trade Centercomplex during the attacks of September 11, 2001.A February 2007 estimate put the initial construction cost of One World Trade Center at about $3 billion, or $1,150 per square foot ($12,380 per square meter). However, by January 2012 the tower's estimated cost had risen to $3.8 billion, making it the most expensive single building in the world at the time. The tower's construction was partly funded with approximately $1 billion of insurance money recouped by Silverstein in connection with the September 11 attacks. The State of New York provided $250 million toward construction costs, and the Port Authority agreed to finance a further $1 billion through the sale of bonds. A series of bridge and tunnel toll hikes were also implemented by the Port Authority to raise funds, with a 56% toll increase scheduled between 2011 and 2015; however, the proceeds of these toll hikes were not ultimately used to pay for the tower's construction.