Tuesday, August 16, 2011

Lower Manhattan Back On Top: Report

The ruins of Ground Zero have given way to a remarkable rebirth of an entire neighborhood that was impossible to imagine a decade ago.

The square mile south of Chambers Street now has more than twice as many residents, three times as many hotels and 130 more companies, according to the Downtown Alliance’s new “State of Lower Manhattan 2011” report.

While many shops and restaurants were forced to close after the terrorist attacks, the dozens of newcomers have included popular chains and luxury retailers, from Whole Foods to Tiffany & Co.“Today, the proof of success is as clear as the rising steel of 1 World Trade Center and 4 World Trade Center, which have already changed the Manhattan skyline,” the report said.

The Downtown Alliance manages the area’s business improvement district, stretching roughly from City Hall to Battery Park and from the East River to West Street.

The report paints a picture of growth, with the area’s 56,000 residents more likely to live with a spouse or a child than a roommate and planning to stay in the community for at least the next three years.

While the commercial sector has about 4 percent fewer workers than 10 years ago, that will change as more companies arrive, the report said. Conde Nast plans to move 3,000 workers into 1 World Trade Center when completed.

Click here to view a copy of the "State of Lower Manhattan 2011” report.