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.
Aug. 30, 2012

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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About the Author

Drew Ballensky

Drew Ballensky is general manager of Duro-Last Roofing, Inc.’s central U.S. facility in Iowa and company spokesman for Duro-Last’s cool roofing, sustainability and architectural education programs. He is past-president of the Chemical Fabrics and Film Association and chairman of CFFA’s Vinyl Roofing Division. Drew earned his bachelor’s degree in industrial technology from the University of Northern Iowa and master’s degree in business administration from Florida State University. Drew has over 29 years experience in business and industry in various engineering and managerial capacities. He has worked in the U.S. and Canadian operations for a major international manufacturer of pre-engineered steel buildings, was a financial analyst with a major athletic apparel manufacturer and was an owner of a general contracting company.
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