March 25, 2010
The Port Authority of New York and New Jersey gave the go-ahead today to allow negotiators to finalize a deal with developer Larry Silverstein over the next 120 days for the construction of several office buildings at the World Trade Center site.
- A d v e r t i s e m e n t
The arrangement calls for shared responsibility for the financing of the 71-story Three World Trade Center building, provided that Silverstein raises $300 million in cash and signs a lease with corporate tenants for about 400,000 square feet.
Those responsible would include the city, state and Port Authority.
The deal also calls for the adjacent Two World Trade Center building to be collectively built, but only to ground level, allowing for future construction once the economy improves.
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