Former Deutsche Bank building

The deal struck to resume construction at the 9/11 museum garnered headlines earlier this week, but the biggest byproduct of that agreement may be in the development of a high-rise residential building at the former Deutsche Bank building site. The transaction had the Port Authority of New York & New Jersey turning over ownership of eight acres of the 16-acre World Trade Center site, which include the museum and the memorial, in exchange for “Site 5,” better known as the land that once held the Deutsche Bank building at 130 Liberty Street, Reuters reported.

That swap fulfills an earlier agreement made in 2006 that was delayed by the political standoff at the museum. Now the land must be traded within the next six months. [more]

The Sept. 11 Museum (credit: 9/11 Memorial)

The Port Authority of New York & New Jersey, as well as the Sept. 11 Museum at the World Trade Center, will pay subcontractors working on the museum and memorial a total of $50 million, Crain’s reported. The Port Authority will send out a $15 million payment starting today to the subcontractors, though Crain’s did not mention how many of them there were. [more]

From left: Governor Andrew Cuomo, Mayor Michael Bloomberg and a rendering of the Sept. 11 Museum

A $300 million dispute has nearly ceased construction at the Sept. 11 Memorial Museum, DNAinfo.com reported, and might need to be resolved in court. Now, it seems all but certain that the museum won’t open by its September 2012 target.

After initially making claims of being owed $156 million, the Port Authority of New York & New Jersey recently updated the figure, saying the National September 11 Memorial & Museum Foundation actually owes it $300 million for cost overruns at the site. But Mayor Michael Bloomberg, who is chair of the foundation, said the foundation believes the Port Authority is the indebted party at the site. … [more]

Construction costs will likely delay the planned 2012 opening of the Sept. 11 museum at the World Trade Center, the Wall Street Journal reported.

Two months ago the Port Authority of New York & New Jersey, which owns the site, ceased to renew construction contracts for the $800 million project, slowing progress because it says the National September 11 Memorial & Museum foundation owes $156 million.

But the foundation believes it is owed more than $100 million because of delays…. [more]