World Trade Center Deal
May Expedite Rebuilding
A deal in the works for the rebuilding of the new World Trade Center is trending today especially since it is a site of such current controversy over the "Mosque at Ground Zero" affair.
The agreement between the Port Authority of New York & New Jersey and developer Larry Silverstein begins the framework for the financing of the new project at the Ground Zero site in Lower Manhattan.
The project has had many delays and legal battles, including design as well as the current real estate slump affecting the entire market.
The new financing deal "will make certain the entire site is rebuilt while sharing the risk among all stakeholders in a way that protects our limited resources," Chris Ward, Executive Director of Port Authority told Reuters.
The new Center plans to boast five new skyscrapers, a museum, and transportation hub. The bi-state agency's One World Trade Center skyscraper, formerly the Freedom Tower, is now 36 stories on a site that includes running subway trains. The Port Authority is rushing to finish the hub and the memorial to the 3,000 who perished nine years ago.
"Tower 2 will be built to street level with the flexibility to start construction of the office tower based solely on market demand and no public support," the Port Authority said.
Silverstein will need to raise private capital for the second tower. He must pre-lease 400,000 square feet and raise $300 million of equity for Tower 3, and then the monies set aside by Congress for rebuilding will kick in about $200 million each.