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Business

Luxury in the shadows of the World Trade Center

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Opening sequence

Business

Luxury in the shadows of the World Trade Center

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COMING UP:Luxury in the shadows of the World Trade Center

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Transcript

00:00:01
>> There is more to the 15 year revival of the area around the World Trade Center than just the Freedom Tower. The neighborhood becoming a meca for the finer things in life, luxury condos like the ones being built at properties such as 50 West are springing up like a Phoenix.
00:00:17
Robert Singers, Director of Development for the Builder Time Equities, he says it all started with the city's commitment to rebuild.>> More residents are here as a result of the parks and the schools. And then what that means is retailers wanna come in, which brings more residents. And I think that the high end nature that you're seeing is just reflective of the type of consumer that's in lower Manhattan and that's not only residents.
00:00:43
That's the office workers. That is hotel and tourism.>> And the big names are here. Luxury retailer Saks just opened its first store downtown across the street from the Freedom Tower. Its neighbors, Gucci and Burberry. But it's not just high-end retailers taking up the slack. From the Wall Street firms that abandoned the area, and took their high earning workers with them.
00:01:09
>> I'm Collin Wiggins. One of the final pieces of the puzzle seem to fit perfectly in place, just in time for the 15 year anniversary. The Westfield World Trade Center shopping mall opened up in August. it's 365,000 square feet of retail therapy, just steps away from the hustle and bustle, yet Hallowed ground on Ground Zero.
00:01:31
>> Time Inc.'s headquarters are just steps from the World Trade Center and Conde Nast brought Anna Winter's famed Vogue magazine downtown. But the transformation's not done. Plans for a 90,000 square foot performing arts center at the World Trade Center were just unveiled. All part of a glitzy makeover that has to walk a fine line between rebuilding without forgetting what actually happened here 15 years ago.