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The revitalization of the NYSE area will beautify the streets without compromising security
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City and state officials joined downtown business leaders outside the New York Stock Exchange in late November to unveil an ambitious plan to revitalize the heart of Lower Manhattan's Financial District.
The program calls for streetscape changes in the several blocks surrounding the New York Stock Exchange -- alterations intended to make the area more attractive and easier to navigate without compromising the increased security measures in place since 9/11.
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| The proposed streetscape features fountains and pedestrian boulevards |
Joining Mayor Michael Bloomberg and Gov. George Pataki at the announcement were Lower Manhattan Development Corporation Chairman John Whitehead, NYSE Interim Chairman John Reed, and other business officials. The project is a joint effort of the LMDC, New York City's Department of City Planning and Department of Transportation, the New York City Economic Development Corporation, and several other city departments and business groups.
"Since September 11, security conditions have made the streets around the Stock Exchange as crowded and crammed as the trading floor itself," Pataki said. "Last April, I pledged that the LMDC would work with the city to implement a first phase of improvements to the district within a year," he continued. "Already, we have achieved tremendous progress in meeting that goal."
The plan, which focuses on the blocks bound by Broadway, Pine, William, and Beaver Streets, will be carried out in three phases.
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| Projects already underway --Starbucks and other eateries now have outdoor seating |
The first phase, already well under way, calls for repaving streets and replacing unsightly temporary barriers with more permanent, decorative ones. As part of this process, Broad and Wall Streets -- having fallen into disrepair over the past two years as increased security measures made routine maintenance impossible -- have been resurfaced. A new wrought-iron fence has been installed around the perimeter of the Stock Exchange, replacing French barricades (moveable barriers resembling bicycle racks) and providing pedestrians with twice as much space in which to walk. And attractive planters with live plants have taken the place of concrete Jersey barriers.
The second phase, slated for completion next spring, will replace the pickup trucks that have blocked vehicular passage at seven intersections surrounding the Exchange since 9/11. In their place will be attractive gateways that can be raised and lowered into the ground. For the main intersections of Pine and Broadway and Beaver and Broadway, several possibilities are under consideration, including gateways made up of a row of bollards that allow pedestrians to enter and leave the area with ease.
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| Artisit's drawing of view down Broad Street |
Though the closure of intersections around the Exchange to all but pedestrian traffic was a necessary security measure in the aftermath of 9/11, it now presents a unique opportunity to create a new pedestrian oasis in the center of downtown. The third phase of the improvement plan will look at ways of doing that while paying homage to the area's distinctive history.
"We look to realize a bold vision that will not merely restore the conditions that existed prior to September 11, but will make the area even better than before," Bloomberg said.
Planners will explore the possibility of incorporating a water feature, such as a fountain, to recall the New Amsterdam Canal that in the 17th century flowed where Broad Street runs today. They will also consider erecting a wall of historical information panels where the protective palisade that gave Wall Street its name once stood.
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| Artist's drawing of view down Wall Street looking east |
Future plans will also likely include pedestrian plazas filled with sidewalk cafes, building on a pilot project this fall that introduced outdoor dining to the area for the first time. Outdoor cafes -- extensions of existing neighborhood restaurants and coffee shops -- were made possible beginning in late summer 2003 thanks to funding from the Alliance for Downtown New York and adjustments to city permitting policies, which prohibited them in the past.
Calling the NYSE area improvement project "one of the finest collaborations between the LMDC and the city," LMDC Chairman Whitehead expressed optimism about the area's future. "Sidewalk cafes will animate the streets and a renewed sense of life will return to the Financial District," he said.
Funding for the first phase of the project came from a $10-million contribution made by the LMDC, which in the past year has funded several short-term initiatives designed to improve the quality of life for downtown residents, workers, and visitors. The project's future phases will require additional public and private funding.
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