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WTC Developer Looks To Port Authority For Help
By
Jen Chung
Published Mar 21, 2009
Modified Mar 21, 2009
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By
Jen Chung
Published Mar 21, 2009
Modified Mar 21, 2009
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A little Ground Zero drama: World Trade Center developer Larry Silverstein has reportedly asked the Port Authority for financial assistance. According to the Wall Street Journal, Silverstein wants money for "at least two of the three towers" while the Port Autority, which might be willing to "finance at least one...would require concessions from Mr. Silverstein, including possibly giving up some of upside profits should the towers succeed in the long term."
A reason why the Port Authority may be willing to assume more financial risk is to avoid any further delays at the site. Timelines have shifted since rebuilding began (funny 2006 article about buildings being completed by 2011), what with political infighting, three governors and more complicated building conditions). Last fall, the Port Authority gave "probabilistic" timelines of the memorial being completed by 2011, the museum by 2013 and Freedom Tower by 2012 with Mayor Bloomberg asked for control of overseeing the re-building. In spite of the lack of buildings, progress has been made on Freedom Tower, the Memorial, and Tower 4, though much of it is in the pit. Some pictures from this month are above.
Silverstein has faced trouble raising money ($7 billion!) to build the office, what with the economic crisis. The WSJ notes that both Silverstein and the PA have leverage to (in Silverstein's case) stall the project or (in the PA's case) attempt to remove Silverstein from the project. The Port Aurthority told the Journal, "We are continuing to discuss with Silverstein Properties how to best meet a changed market while ensuring the World Trade Center site is rebuilt in the best public interest."
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ground zero
larry silverstein
port authority
world trade center
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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