The plan still languished until 1998 when the Coliseum site was sold to Time Warner and The Related Companies for $ 345 million . The Coliseum was demolished in 2000 . The Time Warner Center was the first major building to be completed in Manhattan after the September 11 attacks , although it was already under construction at the time of the attacks in 2001 . While some New Yorkers noted the uncanny resemblance of the Time Warner Center to the fallen Twin Towers , the building 's developer refuted any intentional similarity . GMAC agreed to provide a $ 1.22 billion senior loan along with $ 200 million in mezzanine financing for the project , believed to be the largest construction financing ever for a real estate development in New York City at the time . CalPERS and MacFarlane Partners also purchased a 49.5 % stake in the retail space , the office space not occupied by AOL Time Warner , and the center 's parking structure . The development was opened in phases in 2003 . At the end of 2003 , Credit Suisse First Boston provided $ 620 million to refinance part of the development 's construction loan
September 11 attacks
September 11 attacks
Time Warner Center