It’s Expected That Tourism Will Bring in 25% of One World Trade Center’s Revenue
On Friday, news broke that anchor tenant Condé Nast will begin its big move in to One World Trade Center on November 3rd. And now we’ve learned that the Port Authority of New York and New Jersey, along with the Durst Organization, is predicting that one quarter, roughly $53 million, of the tower’s annual revenue will be generated from tourism by 2019.
The three-floor observation deck of the tower, known as One World Observatory, is expected to be visited by about 3.5 million people per year. Legends Hospitality LLC, the developer of the observatory, has not yet revealed what it will cost to visit the site, but it’s expected to be on par with the Empire State Building, which received $101 million in 2013 from visits to its observatory (it costs $29 per person), 40% of its annual revenue.
One WTC cost $3.9 billion to build, and if it reaches 95% occupancy by 2019 (it’s currently only 60% leased) its projected annual operating income will total $144 million. But that number will still leave the tower worth less than its construction cost, making the tourism income vital.
The 120,00-square-foot observatory is scheduled to open in early 2015 and will occupy floors 100-102 of the 104-story building. It will include a restaurant, catering facility, gift shop, and theater where visitors can watch a video about the construction of the tower. There will be five elevators, among the fastest in the world, to take tourists to the observation deck in about 60 seconds. To explore more views of the observatory, be sure to watch the video below.
[Via WSJ]
Renderings and video of One World Observatory via Port Authority of New York and New Jersey
