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Updated 04/16/2009 10:17 PM

Study Finds WTC Buildings Won't Be Ready Until 2037

By: NY1 News

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The Port Authority acknowledged a study Thursday suggesting the entire World Trade Center site won't be ready for decades.

A analysis prepared for the Port Authority by Cushman and Wakefield estimates the three towers being built will not be finished, and fully occupied, until 2037 – 36 years after the September 11th terrorist attacks.

However, the agency made clear that the timetable laid out in the study is not necessarily the one it's following, but ignoring the economic realities in the report would be irresponsible.

The marketing analysis predicts One World Trade Center, also known as the Freedom Tower, will not have tenants until 2019.

It further predicts that Tower 2, a building projected to be taller than the Empire State Building, will not have tenants until 2026 – the same year construction on Tower 3 is set to begin.

The Port Authority says the agency remains committed to its schedules for the memorial and the transit hub. However, it will not press forward with building office space if it looks like the rental market is not there to support it.

"That very study is an economic forecast of where downtown might be. It is not a deterministic analysis that says this is where it will be," said Port Authority Executive Director Chris Ward. "But the important thing to understand is that's the market that the Port Authority must function within as we look to how the towers get built out over time, so it is in a way a cautionary analysis to make sure that says, 'make sure you are building to meet that market in a financially prudent way,' and I think that is the framework that the PA is seeking to operate in."

Larry Silverstein's development team took issue with the dour outlook, saying the forecast seems to be based on a pessimistic outlook about New York's economic future.

However, the Port Authority says the numbers are based on a market-driven analysis.

The gloomy forecast comes as the Port Authority and Silverstein continue to debate privately about the financing and schedules for Silverstein's towers.

Mayor Michael Bloomberg says he's committed to working with both sides.

"We've got to find a way to make it in Silverstein's interest and something that the Port Authority can afford," said Bloomberg. "That's my commitment to help working with them. Twenty-eight years is a number that has no basis in fact and it may be right. Nobody knows."

Silverstein says the city needs the 30,000 jobs that will come with building the towers.