After funding issues threatened to halt the project last year, plans for the Ronald O. Perelman Performing Arts Center at the World Trade Center are now back on track after an agreement made between the venue and the Port Authority of New York and New Jersey.
Earlier today, New York Governor Andrew Cuomo announced the 99-year deal that will allow World Trade Center Performing Arts Center, Inc. to lease the land for just $1 per year. In return, the Center will pay the Port Authority $48 million from funding to cover the cost of the building’s below-ground construction, which is already underway and scheduled to finish this year.
Of the building’s estimated $363 million price tag, about $295 million has already been raised, including a $75 million gift from the building’s namesake, businessman Ronald O. Perelman.
The center will be located between SOM’s One World Trade Center and Santiago Calatrava’s Transportation Hub. A performing arts venue of some kind has been in the works since Daniel Libeskind’s original masterplan for the site in 2003, including a scrapped design by Frank Gehry.
The Perelman Center is expected to be completed as soon as 2020. Learn more about the project in our previous post:
REX has released images of the future Ronald O. Perelman Performing Arts Center (The Perelman Center), located on the World Trade Center site in New York City.