Competition heats up in Lower Manhattan retail rebirth
Almost a million square feet of new and renovated retail space is being developed in Lower Manhattan. The World Trade Center, World Financial Center, Fulton Center, and South Street Seaport are all competing to fill hundreds of store spaces. Developers and brokers said there is plenty of pent-up demand since the destruction of the World Trade Center and its huge underground mall on Sept. 11, 2001.
The World Financial Center project is a $250 million gut-renovation of the 1980s-era facility, including the installation of more glass frontage and a 25,000 sf European-style market with outdoor dining. The South Street Seaport’s developer is creating a glassy complex with a landscaped roof, and said its ability to accommodate larger stores would help it compete.
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