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New York

Construction on the move at Silverstein’s 3 World Trade Center

Project forges ahead with help of $50M chunk of Port Authority insurance money

Larry Silverstein and a rendering of 3 World Trade Center
Larry Silverstein and a rendering of 3 World Trade Center

Work has resumed atop the seven-story podium base of Larry Silverstein’s 3 World Trade Center, though a full construction loan for the developer has not yet come through.

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Silverstein’s recent agreement with the Port Authority allows him to immediately tap $50 million of a total of $159 million in insurance proceeds, moving construction past the eight stories at which the planned 80-story tower currently stands. The remainder of the funds are currently held in a reserve fund.

The Richard Rogers-designed tower is slated for completion by early 2018, Silverstein says. Media company GroupM has already inked a lease for 550,000 square feet inside the 2.3 million-square-foot building. [NYP, 2nd item] — Julie Strickland

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Larry Silverstein