World Trade Center Cost Increase to $14.8 Billion by Auditing Firm

 

The agency in-charge of building the new World Trade Center, the Port Authority of New York and New Jersey, has been reported “dysfunctional” and has let costs get out of control on the $14.8 billion project, the official auditors said Tuesday.

According to report from international sites, the projected cost of the complex has risen $3.8 billion since 2008, when it was estimated at $11 billion, Navigant Consulting, Inc., reported from audit of the Port Authority of New York and New Jersey.

Apparently, Scot Rechler, the vice chairman of the Port Authority’s Board of Commissionar have spoken up with the issue saying that the cost for the project increased after the Port Authority stepped in to manage delayed project. In addition, the audit was ordered by the governors of New York and New Jersey. It strongly criticized the Port Authority, which also runs New York area airports, seaports and Hudson River crossings.

“We got the memorial open by its 10-year anniversary, and I think it’s something we were all very proud of and proud of how it turned out,” Rechler said. “But now we’re at a crossroads and we have to take a step back and focus on where we are from a cost standpoint.”

Now that the agency’s debt has risen from $9.1 billion in 2001 to $19.5 billion, auditors said. The Port Authority receives no tax money, so those funds will have to be paid off through airport surcharges, bridge and tunnel tolls, port fees and rent from the agency’s other properties.

Right now, the 104-story One World Trade Center is now 90 stories high, but the pace of construction has slowed.

Meanwhile, three World Trade Center, which was supposed to be 80 stories high, is under construction but has also struggled to find tenants. Developer Larry Silverstein has said he may have to cap the building at seven stories if he cannot get more companies to move in.

 

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