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Port Authority Plays Deal (or No Deal) with Silverstein
By
Jen Chung
Published Apr 20, 2006
Modified Mar 7, 2008
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By
Jen Chung
Published Apr 20, 2006
Modified Mar 7, 2008
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The government powers that be when it comes to the World Trade Center site - NY Governor Pataki, NJ Governor Corzine and NYC Mayor Bloomberg - have worked out a plan that was presented to WTC developer Larry Silverstein in hopes of getting the Ground Zero rebuilding off the ground. The deal is for Silverstein to build Freedom Tower (but the Port Authority would control it) as well as giving him control of three additional buildings and a mall along Church Street, with an opportunity to buy the mall later, and limiting how much his developer's fee is - plus promising 1 million square feet of tenants. And somewhere in there, concessions from Silverstein would translate into $100 million for the WTC Memorial. If he doesn't agree to that, then he gets $50 million in cash, plus Tower 5, which is worth $250-300 million. The third option is for Silverstein to argue this out in court. Yes, Gothamist wishes there was a flow chart with clip cart of Silverstein, Pataki, et al. too.
The state and city officials had been working on this plan for weeks (side bar: New Yorkers don't think Corzine should be involved, but he's allowed to be involved as the Port Authority of NY and NJ owns the land). Silverstein's camp said that they were reviewing the proposal ("We welcome the government's willingness to resume negotiations"). We hope it works out well, because the revised plan calls for the site to be rebuilt by 2012, which means something more like 2016.
Photograph taken at the corner of Liberty and Church Streets
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Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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