May 21st - June 3rd, 2004

Wall Street Firms Ready to Host GOP Convention Parties

Friday, May 21:  Wall Street's financial firms are preparing for the Republican National Convention in New York City this summer, planning a variety of extravagant parties, including brunches, dinners, dancing, and late-night concerts for GOP Congress members involved in the financial services industry.

Firms like J.P. Morgan Chase & Company, Goldman Sachs, and Credit Suisse, among others, will foot the bill for the lavish parties in honor of several convention delegates, the New York Times reported. 

The much anticipated convention will take place from August 30 to September 2 and will host more than 50,000 Republican leaders throughout the city.

Ferris Wheel Proposed for Downtown Pier

Monday, May 24: City officials are considering a proposal for a 450-foot-high Ferris wheel to be erected at Pier 14, near the South Street Seaport, the New York Post reported.

The idea was proposed by the Tussauds Group, which built a similar Ferris wheel in England called the "London Eye." The group also runs the wax-figure museum chain Madame Tussauds.

Although the proposal is still in the developmental stages, the Tussauds Group plans to prepare a detailed study for the downtown project, already having completed "a preliminary investigation of potential opportunities in New York," the Post added.

As part of its effort to redevelop Lower Manhattan's waterfront, the city's Economic Development Corporation considered a plan for a new Guggenheim Museum at the pier, but discontinued the project in 2002 due to financial and environmental concerns, the Post reported. The city is still considering possible ways to redevelop the waterfront spot but has not yet commented on the Tussauds Group's proposal.

Power Flows at Ground Zeros New Electric Substation

Tuesday, May 25: Con Ed flipped the switch on the newly built electric substation at Ground Zero on May 16, supplying power from the World Trade Center site to Battery Park City for the first time since 9/11. 

Estimated to cost $100 million to build, the new substation replaces the old one at the base of the 7 World Trade Center building, located across Vesey Street from the WTC site. 

"This new substation will not only fully replace what we lost on Sept. 11, but will also be large enough to accommodate the new electric demand that is expected," Gov. George Pataki said in a statement to the New York Times.

A total of 10 transformers -- each weighing 168 tons and standing 20 feet tall -- can be housed in the substation. While only three of the of $1.1 million transformers currently supply power to Battery Park City, additional transformers will be added to power to the new World Trade Center as it is constructed, the Times added. 

Fulton Street Transit Center Design Unveiled

Wednesday, May 26: The design for Lower Manhattan's $750 million Fulton Street Transit Center was unveiled at the Center for Architecture in Greenwich Village on Wednesday. The new center will house nine subway lines - the A, C, L, M, Z, 2, 3, 4, and 5 -- as well as a concourse below Dey Street that will provide access to the WTC PATH train. For complete coverage, please click here.

River to River Festival 2004

Thursday, May 27: The Downtown NYC River to River Festival 2004 will kick off its five-month-long series on Thursday, June 3, with an opening concert featuring Joshua Bell with the Orchestra of St. Luke's and the Branford Marsalis Quartet. 

For more information about this year's festival, please click here or visit the festival's website.