PA approves plan for WTC site

TRD New York /
Aug.August 26, 2010 02:00 PM

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

 

Related Articles

arrow_forward_ios
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

Michael Bloomberg and 229 West 43rd Street (Credit: Getty Images and Wikipedia)

Bloomberg moving campaign HQ to Times Square

Rudin Management Company's Bill Rudin, Blackstone's Jonathan Gray and Mike Bloomberg (Credit: Getty Images)

Bloomberg pitches real estate execs at NYC campaign HQ

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

Cushman’s management contract at Oculus extended despite woes

Michael Bloomberg (Credit: Getty Images, iStock)

Love, hate, and real estate: Bloomberg’s record may polarize voters

Donald Trump and Michael Bloomberg (Credit: Getty Images)

Bloomberg v. Trump: Real estate edition

Donald Trump and Michael Bloomberg (Credit: Getty Images)

Bloomberg v. Trump: Real estate edition

arrow_forward_ios
Loading...