How Much Was Ground Zero Real Estate Worth After 9/11? It Was This Man's Job to Find Out
How much was Ground Zero real estate worth in the aftermath of 9/11? Before anything could be built there, it was Randall Bell's job to find out. Randall was hired by the Lower Manhattan Development Corp to appraise the World Trade Center site. Bell is the head of Landmark Research group and an innovator in the field of appraisals, having invented the Bell Chart matrix in 1993. An appraisal of the site presented a unique set of challenges. "There's a lot of emotion. Like any American, I was pretty shocked. But then there's also the practical issues you've got to address and keep moving forward," Randall says. He was tasked with conducting a “Highest and Best Use Analysis” to determine the best course of action for a memorial, researching comparable sites, including Pearl Harbor and Hirsohima, along the way. His final report recommended the free reflecting pool and a museum that charged attendees, both of which were built at the site. Bell also provided the appraisal for the site of the Flight 93 crash and several other stigmatized properties. [BI]
