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Silverstein Proposes To Forget World Trade Center Tower 2
By
Jen Chung
Published Feb 19, 2010
Modified Feb 19, 2010
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By
Jen Chung
Published Feb 19, 2010
Modified Feb 19, 2010
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World Trade Center developer Larry Silverstein is trying to make nice with the Port Authority—and win the agency's okay—by offering new financing plans for towers at Ground Zero. And it looks like he's willing to sacrifice Norman Foster-designed Tower 2 in the process.
According to Crain's, "Mr. Silverstein says he'll pony up between $150 million and $250 million to fund the second tower instead of just the $50 million he had originally offered. He has also offered to allocate the insurance money and proceeds from all of his Liberty bonds to build the two towers. The proceeds were originally supposed to be divided over the three towers. Additionally, in a move that will save about $262 million, Mr. Silverstein will build what is referred to in various development plans as Tower 3, instead of his more expensive Tower 2." (Tower 4 is currently being constructed.)
Previously, there was talk that Tower 2, which is designed by Lord Norman Foster (who designed the Hearst Tower addition), and Tower 3, designed by Richard Rogers, would become low-rises while Tower 5 would be scrapped. The Daily News reports that the Port Authority, which has been sparring with the developer over money, thinks Silverstein's idea is a "non-starter" and wants him to put $600 million of his own cash into the deal. The battle between Silverstein and the PA will be examined on 60 Minutes this Sunday.
Tagged
larry silverstein
port authority
Tower 2
tower 4
world trade center
wtc
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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