This week, the Metropolitan Transit Authority announced that the Fulton Street Transit Center will be leased out to one single private management company who will manage the anticipated retail space in the Fulton Street transit Center.
According to a Wall Street Journal put out this week, the 70,000 square foot center complete with retail and food space would be maintained and cared for by a private entity. This move by the MTA will please many business leaders who have called for more properties held by Port Authority/MTA to go private.
This is just another boost for public space in the Financial District as Brookfield Properties (owner of Zuccotti Park and Occupy Wall Street protest site) also intend to invest $250 million worth of renovations into their World Financial Center Property.
With recent surveys and studies predicting population increases in this former banking megazone, the MTA Fulton Street Transit station will not only provide a state of the art connection point for over 10 different trains, but much needed shopping space for its incoming residents.
As construction is be completed no later than 2014 (another $1.4 billion in expected costs), official bidding for this potentially lucrative management contract has has not yet begun.