Silverstein offers to put in more money, nix Tower 2 at Ground Zero

TRD New York /
Feb.February 19, 2010 08:51 AM

World Trade Center developer Larry Silverstein is stepping up his efforts to end the ongoing financing debate with the Port Authority of New York & New Jersey over his planned towers at the site. A new proposal, unveiled by Silverstein at a meeting with the agency and with city and state officials last week, would nix plans for Tower 2, the 79-story structure
that would have been taller than the Empire State Building. Instead, Silverstein
would build what has been called Tower 3 in a move that would save $262
million. He is also now offering between $150 million and $250 million of his own money to fund the tower, plus money from insurance and proceeds from his Liberty bonds, up from the $50 million he had originally agreed to put forward. The change in plans follows an arbitration panel decision earlier this month that denied Silverstein close to $1 billion in damages from the Port Authority, after he claimed the agency was in “material breach” of its agreement at the construction site. He had hoped to pressure the agency into helping to finance all three planned towers on his portion of the Ground Zero site. CBS’ “60 Minutes” plans to air a segment on the battle over rebuilding the World Trade Center site this Sunday.

Related Articles

Governor Andrew Cuomo (Credit: Getty Images)

Cuomo rakes in real estate cash — but not from LLCs

Rep. Alexandria Ocasio-Cortez, Governor Andrew Cuomo (inset) and a rendering of LaGuardia's AirTrain (Credit: Getty Images, ANewLGA)

AOC joins in fight against Cuomo’s $2B LaGuardia AirTrain project

Cushman & Wakefield CEO Brett White and the Oculus (Credit: Cushman & Wakefield and Unsplash)

Cushman’s management contract at Oculus extended despite woes

A Victoria's Secret store in New York (Credit: Getty Images)

Victoria’s Secret sues WTC landlord amid store closures and layoffs

The architect claims the design, construction and marketing of the tower rips off the design of a tower he planned and modeled for his thesis

Lawsuit over WTC design is whittled down

Larry Silverstein and the Tel Aviv Stock Exchange (Credit: Getty Images)

Institutional investors swarm Silverstein’s new TASE bonds

Larry Silverstein (photo by Max Dworkin)

The Closing: Larry Silverstein

Larry Silverstein and the Tel Aviv Stock Exchange Bull (Credit: Getty Images and Wikipedia)

As other NYC firms go quiet, Silverstein Properties prepares new Israeli bond offering