One World Trade Center Will Cost $3.8 Billion, Making It The Most Expensive Building In The World

Completing the One World Trade Center will cost $3.8 billion, The Wall Street Journal reports, making it "by far" the most expensive building in the world.

The new estimate, which includes construction-cost overruns and a decision by the Port Authority to now include leasing expenses in its public numbers, is up from a previous estimate of $700 million.

The Journal explains why it's all so pricey:

One World Trade Center's construction is vastly more expensive than a traditional office tower, in large part due to security costs associated with building the tallest building in North America on a site that has been the target of two separate terrorist attacks (the site was also bombed in 1993). Once known as the Freedom Tower, the 1,776-foot skyscraper sits atop a heavily reinforced, windowless podium. It also has a thick core of concrete and steel around its elevator shafts.

By contrast, the developer of the Burj Khalifa, the world's tallest tower in Dubai, has estimated a cost at $1.5 billion. That building, however, was built with immigrant labor and without nearly as many security concerns.

And The Port Authority isn't planning on making a profit out of the former Ground Zero site. "It was as much about making a political statement as it was an economic decision," The Regional Plan Association's Robert Yaro told The Journal. "This is not a project that's standing on its own--it was never intended to be."

The Port Authority also says money from recent toll hikes won't go towards construction of the building.

2011 was a watershed year in the construction of One World Trade Center, which will be North America's tallest tower. After nearly a decade of design drama, budget fights and labor disputes, the building finally started to look like a skyscraper, with one new floor built nearly every week. Conde Nast signed a huge lease for half the tower. And the 9/11 memorial opened in time for the 10th anniversary of the September 11th attacks.

2012 has already seen some minor setbacks, however, A money dispute between Port Authority and the 9/11 Memorial Fund means the museum won't open in time for the 11th anniversary of the 9/11 attacks.

Developer Larry Silverstein is also having trouble finding tenants for Tower 3. Originally planned to be 80 stories, construction could be capped after just 7 stories are built.

Also on HuffPost:

Below, amazing images of proposed World Trade Center towers:

Comments

[mlanzi300]

09:11 AM on 02/26/2012

WILL THE TOLL INCREASES BE REMOVED AFTER THE CONSTRUCTION IS PAID FOR?

OF COURSE NOT

[elvashstampede]

09:20 PM on 03/19/2012

They said the toll increase is not being used to fund the tower, please learn to read before unleashing your rage in all caps.

[mlanzi300]

06:13 AM on 03/20/2012

based on your life experience, despite what the agency says, what is more plausible:

a. none of the money from the toll increases will be used for construction

or

b. through some financial maneuvering, at least some money from tolls will be used for construction

Have the port authorities expenses double in the past 5 years or tripled in the past 10 years? Have Port Authority workers pay doubled or tripled?
Of course not, yet tolls have been skyrocketing due to "budget shortfalls"

I should write in caps, because I am enraged at the toll increases, especially the Verrazano Bridge

[Martin Braden]

07:05 PM on 02/12/2012

It is the terrorists that owe the costs to build the project.

[Sal8900]

12:45 AM on 02/06/2012

I still think the new Yankee Stadium should have been built there. A community place for everyone to enjoy, with a moment of silence before EVERY event held there. Instead we have an office building, that will most likely remain vacant.

[Big Bill hayward]

01:34 PM on 02/05/2012

a year ago, 95 percent of 10,000 cops, firefighters, hard hats and other Ground Zero workers accepted the city’s $680 million offer. The sickest are now getting the final 60 percent of their payments. The WTC Captive Insurance Co., which manages the city’s 9/11 settlement funds, did not immediately comment.
Adding to the disappointment, the payments have been slashed by tens of thousands of dollars in unexplained legal expenses deducted from the awards, in addition to a 25 percent attorneys’ fee. The expenses are listed in lump sums, with no itemized breakdown.
In one case, a former NYPD detective with asthma and other ailments signed on to the settlement in September 2010 after the main law firms in the litigation, Worby Groner Edelman and Napoli Bern, estimated his city payout at $532,826 to $650,267.
His city award came to $115,480 — but after fees, he received $79,292.
The huge reduction stemmed from a rejected claim filed on his behalf. At first, his lawyers claimed 60,000 points for his asthma. But his disease was deemed less severe, and downgraded to 7,500 points.
Also, more than $9,750 in legal costs, in addition to the 25 percent fee, ate into his entitlement.
Paul Napoli, a partner in the firm claiming the costs, would not give a breakdown. His spokeswoman said the court-appointed Garretson Resolution Group, based in Cincinnati, approved all expenses allowed by the judge.

[Totto]

07:53 PM on 02/03/2012

While I still like Foster and Partners' tower, the current plan is far more contextual and suitable for Manhattan. I'll be seeing it next year, I hope.

[Journey26]

02:51 PM on 02/02/2012

My very first question to the rebuilding of the World Trade Center would be.........Why do we not rebuild it in memory of those who lost their lives there. It would honor them and I'm sure the families would agree. The second would be, Why show those we have been defeated, Put it back up and say to them "Kiss my Grits." You cannot take away from us what we were proud of. I haven't much money but I certainly would contribute to the fund.

[btboone8]

01:45 PM on 02/02/2012

What's that come to per sq. ft. ?

[TRhett]

08:34 PM on 02/01/2012

This is disgraceful - Skidmore is designing beautiful, record-shattering buildings for every other developed nation on earth (as it has for 100 years) . . . and THIS is what they do in their own back yard. Not exactly an emotion-stirring memorial or much of a contribution to New York's skyline.

[Journey26]

02:52 PM on 02/02/2012

How right you are TRhett, it is an ugly building no question.

[George Picard]

01:18 PM on 02/01/2012

They should have just rebuilt the WTC just as it was on 9 10 2001.

[bestmugshots]

04:04 PM on 02/02/2012

Overlooking that it was terribly ugly in the name of nostalgia benefits no one.

[George Picard]

07:48 PM on 02/02/2012

No i agree very ugly, if you asked me to tear them down on sept 10th 2001 I would have been fine.

But after that it would have been like telling the terrorist you cant beat us.

[Montcalms Revenge]

08:46 AM on 02/01/2012

Rising costs? What did you expect? A slice of pizza cost 4 bucks downtown... did you think building a skyscraper would be any cheaper? ;-)

[lamplighter55]

08:06 AM on 02/01/2012

"The Port Authority ... says money from recent toll hikes won't go towards construction of the building."

No. Money from the toll hikes goes to other Port Authority projects. Its other money that was supposed to go to those projects which gets diverted to WTC.

[marnelisse]

04:09 AM on 02/01/2012

so many men, so litle work how can i lose .....

[mlanzi300]

09:15 AM on 02/26/2012

I feel that way sometimes too

[g5user1usa]

02:26 AM on 02/01/2012

And to think, some people want Apple to have manufacturing jobs in the U.S. Like all consumers need are $1000 iPhones and $1200 iPads. It's no wonder Apple uses Chinese labor because the employees that work in the U.S. want big money for little work. I'll bet those unionized construction workers are getting paid ten times what workers in other countries get. The build is probably going to take three times as long as it normally would to finish. I doubt the two Petronas towers cost that much.

[69dogrudebark]

05:40 AM on 02/01/2012

the solution is to move people out of poverty not put them in it....and $200 per month a cup a tea and a biscuit will not be a viable way to do it....simple as that....

The Unions are not the problem especially in the building trades.....

[ipv4]

08:59 PM on 02/02/2012

let's cut your salary. I'm sure I can find someone to do your job for 1/30 the cost. Think before you talk.

[dsa1115]

02:21 AM on 02/01/2012

Could they make it any bigger and any uglier? Good grief. Developers just ruined the skyline.

[George Picard]

01:17 PM on 02/01/2012

They could make it a lot bigger, Frank Lloyd Wright had a design for a building 5280 feet high.

[Totto]

07:58 PM on 02/03/2012

Yes, "The Illinois". Unbuildable and highly impractical, then and now.

[Totto]

08:00 PM on 02/03/2012

It's designed to be far less vulnerable to terrorism, that's why it's taking so long and costing so much. The building is a handsome addition to the Manhattan skyline. Thanks, SOM.

[lisa11283]

12:52 AM on 02/01/2012

"It was as much about making a political statement as it was an economic decision" Really?! Well we definitely have the funds for that especially during our ECONOMIC CRISIS!