NY's One World Trade Centre hits $3.8bn build cost

The construction bill for New York?s One World Trade Centre looks likely to top $3.8bn, more than twice that of the world?s tallest building, the Burj

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The construction bill for New York’s One World Trade Centre looks likely to top $3.8bn, more than twice that of the world’s tallest building, Dubai's Burj Khalifa.

According to a report carried by the Wall Street Journal, the price tag for the building has shot up $700m from the latest public estimate, making it the world’s most expensive new office tower.

The report says the price increase is fuelled by construction cost overruns, and a decision by the Port Authority – the company behind the development – to now include leasing expenses in its public estimates.

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Construction of the tower is more expensive than traditional tower developments, chiefly because of the additional security costs associated with building the tallest building in North America on a site targeted by terrorists on two separate occasions.

The 542m tower sits atop a 10-storey reinforced windowless concrete podium, while the thick concrete and steel core surrounds the building’s elevator shafts.

By comparison, the world’s tallest tower – the Burj Khalifa in Dubai cost around $1.5bn, while estimates for Jeddah’s yet-to-be-built kilometre-plus high Kingdom Tower are around $1.2bn.

Construction of One World Trade Centre has reached 90 of its 104 storeys. Neighbouring development 4 World Trade Centre, a 72-storey office tower being built by private developer Larry Silverstein, has risen 61 storeys. Both are slated to finish construction at the end of 2013.