Investing in Ground Zero

Nine years ago today, the nation experienced the worst terrorist attack on our soil. It's certainly a day to never forget; feelings of sorrow and pain fill the souls of all Americans. However, beyond our gut emotions lies a spark of hope, one of inspiration to move on. And for this reason, I will never forget what lower Manhattan was and what it could be - something much greater.

In 2008, I blogged about reconstruction delays at Ground Zero. The rebuilding project became a part of my life. I always felt this pride of growing up in the financial district of the world. My business minded friends all planned to flock to Wall Street, work in the World Trade Center, and contribute to the spirit of New York. After the 9/11 attacks, the financial district became a ghost town. Businesses moved to neighboring New Jersey and Connecticut, and employees followed. The economic hit was not only short term, but since 2001, New Yorkers are continuing to leave in search of better opportunity. I wouldn't be surprised if most of the families who return to NY every year on 9/11 to pay respect have relocated since the attacks. The constant struggle to keep businesses in NY remains difficult as the state economy declines. Connecticut has embraced the influx of hedge funds with tax incentives that NY is not willing to provide because of budget cuts.

Either way, every year reminds of the duty we have to bring NY back despite economic barriers. The reconstruction of Ground Zero is picking up. The memorial site is almost complete, more buildings are rising above the shadows of the past. Silverstein Properties, the developers of the new site are in constant battle to ensure a fair and safe layout abiding to the interest of so many New Yorkers who want the best for our city. The surrounding area is booming as well. The rebirth of battery park is unbelievable. Walking through the blocks of the residential areas of the financial district instills a certain level of pride. The luxury housing to host the expected increase in corporate workers are beautiful with scenic water views, and green architecture. What's more remarkable is that the high end buildings stand side by side with affordable housing projects that have long kept their residence around Chambers Street where the iconic Stuyvesant High School still stands, giving hope to upcoming intellects of New York.

The video below makes a good point about the attractiveness of lower Manhattan. The area is accessible from all points as all transportation lines merge, similar to how midtown is designed. The new transportation hub near Fulton Street will definitely serve as an asset for the financial district. I expect a mix of businesses to call the new World Trade Center home. Big banks like Goldman are likely to move in, but given the state of the economy, the growth in start-ups that are correcting the mistakes of the fallen will surely flock to NYC once the project is complete. Small hedge funds, mom and pop retailers, and new security companies will play a bigger role in the economy of district 1.