World Trade Center

In late 1960s, the New York – New Jersey region was declining as a trade and shipping center with Houston and New Orleans growing rapidly. New York needed a dramatic, high profile project to help it out and the region recapture pre – eminence in trade and associated finance. The whole city and its areas were deteriorating, Lower Manhattan needed revitalization, Urban renewal had passed it by and decay was evident everywhere. The Manhattan was full with small – sized business and poor trade. There was a need for the brand new World Trade Center for the export, import, shipping, insurance and financing communities could be a powerful catalyst for growth of the city. In short, there was a need for the World Trade center, its idea was given at the right time and its time had come and as such it drew powerful political and financial support.
Big projects meant big money and everybody wanted a piece of the action. Hundreds of issues had to be resolved including scope; size and good governance of the project and of course its financing, land acquisition, design, transportation and taxation. Knowing that some industries and business would benefit and others might get hurt including the major real estate and office – leasing companies, powerful real estate, business and financial groups tried to shape the project.
Despite powerful criticism about the PA’s entry into the commercial and real estate market, with an eye to economic benefits, New York and New Jersey passed the legislation that enabled the PA to proceed. They recognized that older office buildings were losing tenants to newer ones and many people had moved to the more efficient and new Mid – Manhattan. This was the time when World Trade Center placed its steps into to trading.