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article imageWorld Trade Center skyscraper now world's priciest

By Shawn Kay     Jan 31, 2012 in Business
New York - The Port Authority of New York and New Jersey yesterday revealed the ultimate price tag for the construction of the sleek and futuristic One World Trade Center to be at $3.8 billion making it the world's most expensive commercial office skyscraper.
One World Trade Center - originally known as Freedom Tower - has been valued at $3.8 billion to build, the Port Authority of New York and New Jersey reported yesterday. The high price tag, revealed in The Wall Street Journal, makes One WTC the world's most expensive office tower.
The remarkable price of building the state-of-the-art skyscraper stems largely from cost overruns for unprecedented anti-terrorism measures implemented in the structure's design. The security measures, which were largely recommended by the New York City Police Department's Counter-Terrorism Bureau, include a reinforced podium upon which the building sits atop. The podium is designed to protect the structure against a blast from a truck bomb.
The original attack on the World Trade Center complex which occurred on the afternoon of February 26, 1993, involved a truck bombing by Islamic militants. The attack claimed the lives of six (including a pregnant female office worker) and caused varying degrees of injuries to at least 1,000 other persons, mainly office workers employed at the facility. The attack also caused $1 billion in damages to the WTC.
The terrorists who perpetrated the attack and their ringleader, the prolific Ramzi Yousef, were all captured by federal authorities. Convicted of their crimes they are all currently serving life-term sentences in federal prison.
A subsequent assault carried out on the WTC many years later by al-Qaida involved the use of hijacked commercial airliners as weapons. The attack was a success, wiping out the acclaimed commercial and financial complex in it's entirety as well as claiming the lives of thousands and causing nearly $70 billion in damages.
Other security measures at One WTC include elevator shafts that are reinforced with steel.
To offset the additional costs imposed upon the project by the security measures, the Port Authority of New York and New Jersey has reduced spending on transportation infrastructure and has plans to implement a fare hike in the near future which will see a marked increase on bridge and tunnel tolls for motorists.
The Port Authority of New York and New Jersey is the lead entity tasked with rebuilding the WTC complex, which is also occasionally referred to as "The New World Trade Center."
Seven World Trade Center (7 WTC), the first of the six skyscrapers scheduled to be built at the site, was completed in May 2006 and is currently operational. Several high-profile tenants are currently leasing space at the office tower. Some of these tenants include: ABN AMRO, Ameriprise Financial Inc., Darby & Darby P.C., Mansueto Ventures LLC, business publisher of Fast Company and Inc., and the New York Academy of Sciences.
Thus far, 7 WTC has been the only office tower at the WTC to be completed. The five other office towers - including One WTC - are in various stages of construction. 7 WTC is currently considered the anchor building for the entire complex.
One WTC, which is still under construction with an estimated completion date slated for Autumn 2013, is the central skyscraper at the WTC complex.
The 1,776-foot skyscraper will be the tallest structure in NYC, as well as one of the tallest in the world.
Freedom Towers - New World Trade Center
Freedom Towers - New World Trade Center
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