PA approves plan for WTC site

August 26, 2010 02:00PM

Larry Silverstein and the WTC site

Following months of negotiations, a deal with Silverstein Properties — the developer of the World Trade Center site — over how to pay for two towers was approved today by the Port Authority of New York & New Jersey. The plan calls for the restoration of the east side of the site to at least street level and the completion of the WTC Transportation Hub. The funding needed for the project is now projected to be between $1.1 billion and $1.3 billion. “This agreement caps a two-year effort to restructure, rationalize and, above all, provide a renewed level of certainty over the development of the World Trade Center site,” said Chris Ward, executive director of the Port Authority, in a statement. “It will make certain the entire site is rebuilt while sharing the risk among all stakeholders in a way that protects our limited public resources.” Developer Larry Silverstein called the agreement “fantastic news” for New York City. “Downtown has emerged as one of the world’s most exciting mixed-use neighborhoods, offering an unparalleled blend of high-tech office space, retail, residential living and cultural attractions,” he said. Mayor Michael Bloomberg expressed his support as well, saying that today’s vote ensured that progress on the site will continue, with two of the towers rising, and the Sept. 11 Memorial on track to open on the 10th anniversary of the attacks. TRD