Port Authority plans to shrink WTC project

The World Trade Center project will shrink from five skyscrapers to two towers, the New York Daily News reported. The Port Authority of New York and New Jersey plans to cut the amount of office space built at the site to 5 million square feet from 10 million, sources familiar with the plan said. The Port Authority would also build two four- or five-floor buildings for retail use instead of developer Larry Silverstein’s two proposed 79-story towers. The credit crunch has limited financing for the project.