From the Gotham Gazette:
The seaport area, home to some of Manhattan's oldest architecture, has been the focus for development and revitalization projects dating as far back as the 1970s. Yet after 40 years of development, the neighborhood is far from successful.
In the 1980s, the development of the mall by the Rouse Co. was seen as a way to draw visitors to the area and help the museum's finances. Despite the commercialization of the area, the Seaport Museum of New York still faces financial trouble, taking out numerous loans over the past five years to cover its increasing debts.
The museum must deal with few visitors, on top of what founding president Peter Stanford has called mismanagement by museum chair Frank Sciame and president Mary Pelzer. As a result, the museum has closed its landside galleries, placed 32 staff members on unpaid furloughs and is in talks to remove the neglected historic boats from Pier 17.
The mall, opened in 1985 as a "festival marketplace," akin to Harborplace in Baltimore and Faneuil Hall in Boston, has also had its problems. Residents have blamed the mall for distorting the area's historic atmosphere and driving up property values, forcing out local residents and businesses.
How much do you want to bet that they'll mess it up again?