A groundbreaking ceremony was held Thursday at 2 World Trade Center for a new tower that will serve as the future global headquarters of American Express. The building will mark the last commercial tower to rise at the World Trade Center site.

The skyscraper, expected to be completed in 2031, will accommodate up to 10,000 employees.

The construction begins less than two months before the 25th anniversary of the Sept. 11 terrorist attacks.

“Today, as we gather here to break ground on the new 2 World Trade Center, we are writing a new chapter in the story of New York City,” New York City Mayor Zohran Mamdani said during the ceremony.

Calling the site “hallowed ground,” Mamdani reflected on the devastation left behind after the Twin Towers fell.

“After the towers fell and thousands were killed, our city was plunged into grief, and rubble filled a site long defined by greatness,” he said. “For a moment, in the aftermath of that horrific attack, it seemed that perhaps greatness would only be a memory here. But over the months and years that followed, greatness returned.”

Mamdani said that greatness was reflected in the sacrifices of first responders, the workers who helped clear the debris and rebuild the site, and the employees who returned to Lower Manhattan as the area recovered.

The project will create more than 3,200 construction jobs and generate approximately $6 billion in economic activity, Mamdani said.

Once complete, the 55-story tower will rise 1,226 feet and feature advanced technology.

City officials estimate the project will contribute $11.4 billion to the economy and generate roughly $250 million in tax revenue.

The project is being developed by Silverstein Properties on land that is owned by the Port Authority of New York and New Jersey.

American Express has been a fixture in Lower Manhattan for more than 170 years, dating back to its founding on March 18, 1850.