Gothamist
A non-profit newsroom, powered by WNYC.
Gothamist
Listen Live
News
Port Authority Offers New WTC Site Proposal... Still No Deal
By
Ellen Burke
Published Mar 5, 2010
Modified Mar 5, 2010
Share
FacebookTwitterRedditEmail
Never miss a story
Email address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .
Joe Woolhead
By
Ellen Burke
Published Mar 5, 2010
Modified Mar 5, 2010
Share
FacebookTwitterRedditEmail
We rely on your support to make local news available to all
Make your contribution now and help Gothamist thrive in 2026. Donate today
Gothamist is funded by sponsors and member donations
After spending months arguing over how to finance three of the towers at the World Trade Center site, developer Larry Silverstein seems slightly more impressed with the authority's latest offer. Silverstein wants the Port Authority to finance at least two of the towers since he's having a hard time getting tenants, but the PA had refused. Now, the Times is reporting the Authority has agreed to financially support the first tower and back the second one after Silverstein secures more tenants.
According to the Observer, the Port Authority's deal would still require Silverstein to raise $300 million in private capital for the projects. But that's asking a lot less than the Port Authority's last offer, which would have had Silverstein cough up $625 mil. Silverstein's spokesman says they're "currently studying" the new proposal. The deal would also require the city to pony up more money. Mayor Bloomberg hasn't liked that idea in the past, but he also doesn't like having a hole in the ground in Lower Manhattan.
The Post reports New Jersey Governor Chris Christie, who oversees the Port Authority along with Governor Paterson, supports the latest proposal. Governor Paterson, presumably, has other things on his mind.
Tagged
arrested development
Silverstein
world trade center
wtc
Ellen Burke
Read more
Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
MORE news
NYC’s bridges can last 'forever,' if we take care of them
The East River bridges were falling apart until the city implemented a long-term repair plan in the 1990s. Now, officials are forming a new program to keep them standing through the 21st century.
By
Clayton Guse
Published Oct 16, 2026 at 12:44 p.m. ET
Queens mother charged with murder in death of 5-year-old daughter, NYPD says
Francis Cabello, 32, was arrested and charged on Thursday.
By
Ryan Kost
News
Queens mother charged with murder in death of 5-year-old daughter, NYPD says
Francis Cabello, 32, was arrested and charged on Thursday.
By
Ryan Kost
NYC’s whiplash weather continues into weekend with heavy winds, chilly temps, NWS says
By
Monica Melton
Early Addition: Winning an affordable housing lottery is great unless it's not
By
James Ramsay
Mamdani and 100+ NY officials urge parking lot owners to ban ICE
By
Arya Sundaram
Never miss a story
Catch up on the most important headlines with a roundup of essential NYC stories, delivered to your inbox daily.
Sign upEmail address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .