The Real Deal New York

Despite public financing deal, 3 WTC could be delayed until 2020

March 30, 2010 09:09AM

Larry Silverstein’s 3 World Trade Center may get public financing as part of the new, tentative deal with the Port Authority of New York and New Jersey, but an end to the bitter dispute over the rebuilding of Ground Zero won’t prevent even more project delays. The 2.5 million-square-foot office tower may not break ground atop a planned “retail podium” until 2020, according to the Post’s Steve Cuozzo. That’s because the public financing aid won’t be available before Silverstein meets certain equity and pre-leasing milestones — namely, raising $300 million in private equity for the tower and garnering 400,000 square feet worth of leasing commitments. He’ll have six years after the completion of the Port Authority’s World Trade Center Transportation Hub at the site to meet those standards — and the Hub isn’t slated for completion until at least 2014. [Post]

One Response to “Despite public financing deal, 3 WTC could be delayed until 2020”

  1. January 23, 2012 at 3:18 pm, 3 WTC could be capped at seven stories said:

    […] The secondary plan is under consideration because without at least 400,000 square feet pre-leased and $300 million of financing secured, the Port Authority of New York & New Jersey will not guarantee the debt of the tower, under an agreement it reached with Silverstein in 2010. […]