WTC deal could pave way for construction

New York /
Mar.March 26, 2010 12:03 PM
 

In a tentative agreement announced yesterday, the construction of two towers at Ground Zero could receive around $1.6 billion in funds, ending a long-time impasse between developer Larry Silverstein and the Port Authority of New York & New Jersey.

Mayor Michael Bloomberg emphasized the complexity of the deal, referencing the months of stalemate between Port Authority head Chris Ward and Silverstein.

“The political calculus is difficult because you have two states and [New York City], you have agencies, you have federal, state and city government, you have the private sector,” Bloomberg said. “It is very difficult to get everybody on the same page, but I think now we really are making progress.”

The original deadline for the compromise had been March 12, but negotiations continued past that time. Earlier this month, at the New York Building Congress breakfast, Ward said that he was concerned that public funds would be used to construct impractical buildings.

 “Let’s build what we know we need today,” Ward said. “But let’s not so use public resources that we might build monuments that one day [could] become empty buildings.”

He later told The Real Deal that he “hate[d] to think that we continue to beat ourselves up when we don’t have to.”

Silverstein said that he is confident that the agreement reached “will accelerate the rebuilding of the World Trade Center.”

But not everyone feels the same.

In a column posted early this morning, New York Post columnist Steve Cuozzo derided the agreement as accomplishing very little, and said that the settlement between Silverstein and the Port Authority would actually push back construction.TRD


Related Articles

arrow_forward_ios
Sam Chandan will head NYU Stern’s real estate programs  (samchandan.com, iStock)
NYU Schack Institute Dean Sam Chandan stepping down to join Stern
NYU Schack Institute Dean Sam Chandan stepping down to join Stern
Alexander Garvin (George Garvin)
Exalted urban planner Alexander Garvin dies at 80
Exalted urban planner Alexander Garvin dies at 80
Dan Doctoroff (Getty)
Dan Doctoroff stepping down from Sidewalk Labs, faces ALS battle
Dan Doctoroff stepping down from Sidewalk Labs, faces ALS battle
Silverstein lends $340M at Miami Worldcenter project
Silverstein lends $340M at Miami Worldcenter project
Silverstein lends $340M at Miami Worldcenter project
Bloomberg nabs 191K sf expansion with SL Green
Bloomberg nabs 191K sf expansion with SL Green
Bloomberg nabs 191K sf expansion with SL Green
Durst Organization Chairman Douglas Durst and Port Authority Chairman Kevin O’Toole (Getty, O'Toole Scrivo)
1 WTC set for $700M refinancing
1 WTC set for $700M refinancing
Silverstein Chairman Larry Silverstein, CalSTRS CEO Cassandra Lichnock and 1177 Sixth Aveneut (Silverstien, Getty, CalSTRS)
$450M refi reveals what tenants pay at Silverstein’s 1177 Sixth Avenue
$450M refi reveals what tenants pay at Silverstein’s 1177 Sixth Avenue
From the rubble: How NYC real estate lived 9/11
From the rubble: How NYC real estate lived 9/11
From the rubble: How NYC real estate lived 9/11
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...