The greatly anticipated One World Trade Center is now the most expensive new office tower in the world. An additional $700 million in estimated costs is bringing the total cost of 1 WTC to almost $3.8 billion. What’s more is that many of these extra millions are being tacked on due to a design flaw. According to the Port Authority of New York and New Jersey, the necessary loading dock for tenants to move in will not be completed on time, so five temporary loading docks must be built, jacking the cost up by millions.
“A temporary station that was built for the Port Authority Trans Hudson subway is blocking access to the underground loading area,” reported the Huffington Post. “The station can’t be dismantled to make way for underground freight areas until crews finish the permanent station.”
The 104-story office building was initially estimated to cost $2 billion, but climbed to $3.1 billion in 2008, a far cry from the most recent $3.8 billion reported by the Wall Street Journal. The additional $700 million is split between construction costs and public leasing expenses. The leasing expenses include money allocated for office build outs for the tower’s tenants, as well as brokers fees.
Aside from possibly becoming the most expensive office tower in the world, the World Trade Center complex also will hold the title of being the largest green project in New York City. The LEED Gold building will use modern green technologies, with an emphasis on utilizing day lighting for both energy efficiency and to promote employee health.
The new projected costs are being examined by the governors of New York and New Jersey. The estimated opening of One World Trade Center is still the end of next year.