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]