New York City’s Financial District, home to the world’s tallest skyscraper, is in the midst of a $3.8 billion renovation.
It’s one of a number of initiatives being announced across Australia this week.
The $3 billion renovation will transform the Manhattan skyline and add new pedestrian-friendly streets to the city, including a $1.5 billion pedestrian tunnel that will connect Central Park to Central Park West, a $750 million project to connect the Manhattan Bridge to the new Macy’s department store, and $1 billion to expand the existing pedestrian and bicycle paths on Broadway and Grand Central, among others.
The plan includes installing $2.4 billion in new parking garages along Broadway, $600 million for new sidewalks along the riverfront, and a $900 million upgrade of the city’s transportation network.
All of the projects are aimed at making New York more livable and less expensive, according to the New York Post.
The New York Metropolitan Transit Authority said the improvements will bring in $2 billion annually in new revenues, while the Metropolitan Transportation Authority of New York and New Jersey estimated the new streets and sidewalks will generate $2,000 annually in extra revenue.
While the project has garnered much of the attention, New York’s other major transportation project, the expansion of the Brooklyn Bridge, is also expected to add billions of dollars to the economy.
The project, which includes $1bn for the Brooklyn Light Rail and $500m for the BRT extension, is expected to boost New York traffic by nearly 400,000 vehicles annually.
It will also boost the state’s gross domestic product by more than $4.7 billion.
“This project is one of many initiatives that we are making to improve the safety and economic vitality of New Yorkers and to make New York a more livably connected and economically vibrant city,” Mayor Bill de Blasio said in a statement.
“The City is taking action on a range of initiatives to help make New Yorkers more resilient and connected to their jobs and communities, and to create opportunities for growth and employment.”
The mayor is also pushing for an additional $250 million to help expand the citywide light rail network.
New York’s largest employers, the U.S. Chamber of Commerce and the New Jersey State Council of Governments, are also expected be spending millions of dollars on the projects.