Posted Aug 26, 2010, 2:10 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,754
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^ There is a lot going on there...
This tower can now proceed to it's full height...
http://www.nydailynews.com/ny_local/...truction_.html
Larry Silverstein to get $1.6 billion of much-needed financing for WTC construction
By Doug Feiden
August 25th 2010
Quote:
A breakthrough $1.6 billion financing deal that will help pay for two gargantuan office towers on the Church St. side of Ground Zero is expected to win approval from the Port Authority board Thursday, insiders say.
The pact between the PA and developer Larry Silverstein could finally end years of bitter, budget-busting battles that slowed construction and jacked up costs for rebuilding the World Trade Center site.
First announced in March and hammered out over the past five months, the plan would provide $1 billion in public financing and subsidies for Silverstein's Tower 4, a 64-story, 975-foot skyscraper set to open in 2013.
If he meets certain conditions, the builder can draw on another $600 million in financing for Tower 3, a 71-story, 1,137-foot colossus that would be taller than the Chrysler Building, officials say.
The bar for that extra cash is steep: Silverstein, who has invested little of his own money, must first kick in $300 million and ink lease deals for 400,000 square feet of space - or nearly 20% of the building.
Meanwhile, a third planned behemoth, Tower 2, a 79-story, 1,270-foot icon at Vesey St. that would have been higher than the Empire State Building, would be shelved indefinitely.
Planners don't want to leave another gaping hole in the ground, so they'll complete Tower 2's foundation and infrastructure so that construction can eventually take place - if and when market conditions recover, people close to the project say.
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NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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