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  #221  
Old Posted Feb 10, 2007, 1:55 PM
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It's great to see that the Freedom Tower at least has a "presence" on the site. Yet, its still just a small presence in the entire development, the tallest massing of towers in the city's history. At 947 ft, even Tower 4 will be a giant, one we would be excited to get anywhere.
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  #222  
Old Posted Feb 11, 2007, 10:35 PM
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Pictures

Thank you NY Guy. Those pictures are really great. It's allot better to see the area up-close and personal. The web cam shots are just too far away.
Thanks Again.
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  #223  
Old Posted Feb 12, 2007, 2:30 PM
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CNNmoney.com

Private funds eyed for WTC site
Report says government agency in talks with private equity firms, hedge funds to take stake in $3 billion "Freedom Tower" that will replace twin towers.


February 12 2007

NEW YORK (CNNMoney.com) -- The government agency that owns the World Trade Center site is trying to attract private equity or hedge funds into investing in the $3 billion replacement Freedom Tower, according to a published report.

The Wall Street Journal reports that the agency, the Port Authority of New York and New Jersey, also is in talks to sell development rights to one of the five planned skyscrapers there to J.P. Morgan Chase & Co (Charts).


A government agency now building a replacement tower at the World Trade Center site reportedly is hoping to attract private equity or hedge fund investment to the project.

The paper said that if the agency is able to win commitment of significant private-sector money, it would be a major advance for the development, which has struggled to advance so far by basically using only government support and insurance proceeds.

Robert Sammons, director of research for the real-estate services firm Colliers ABR Inc., told the paper there has been a recent a flood of investors - from private-equity firms to pension firms to foreign interests - looking to own a piece of Manhattan commercial real estate.

"Certainly you're not going to find a better time to try to sell that equity interest," he told the Journal. Just last week, private equity firm Blackstone Group won a bidding war for Equity Office Properties (Charts), the nation's No. 1 owner of office buildings, with a $23 billion bid.

The foundation of the Freedom Tower, the key building in the development, is now under construction, with lease commitments from the federal and New York state governments to take one million of the 2.6 million square feet of available office space.

But at a symbolic 1,776 feet tall, some worry that the tower that will be about 400 feet taller than the former twin towers and will be a terrorist target, and that it could have trouble attracting tenants worried about an attack. The first 20 stories of the tower will be taken up by a mostly unoccupied concrete structure to protect the building from possible truck bombs. It is due to be completed in 2012.

Because of those obstacles, the paper says a deal for ownership of the Freedom Tower is not imminent.

But a deal for Tower 5 of the complex could be as close as a month, the paper reports, with J.P. Morgan considering the purchase of a long-term ground lease from the Port Authority to build and occupy a 57-story, 1.6 million-square-foot office building.

Still, the paper reports there are problems with the plans being discussed for Tower 5.
The plot is currently occupied by the building that formerly housed the New York offices of Deutsche Bank AG (Charts). Demolition of that building, which was seriously damaged in the attacks but remained standing, has been slowed by environmental concerns and the discovery on its roof of human remains from the attacks.

The current footprint of Tower 5 also is not big enough for the trading operations planned by JP Morgan Chase. To expand its footprint would involve encroaching on adjacent land, currently reserved for a park and to rebuild a Greek Orthodox church that was also destroyed in the attack.

Still if there are deals to develop Tower 5 and for equity investment in the Freedom Tower, the Journal reports it would be a blow for private developer Larry Silverstein, who had the lease to the former Twin Towers and is using insurance proceeds from those buildings' destruction to build three other office towers on the World Trade Center site.

Spokesmen for Silverstein and the Port Authority would not comment to the Journal.
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  #224  
Old Posted Feb 12, 2007, 9:51 PM
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I just hope Silverstein wouldn't react with a lawsuit or something in the event WTC 5 suddenly went commercial: in a way, I wouldn't blame him (because I think he got railroaded royally) but I just don't want to see any more delays at the site. It's exciting that we may see plans for 5 WTC within a few months. Any guesses at possible heights? I bid 850 feet...

And let's hope JP Morgan chooses an architect that can rise to the general caliber of the other architects at the site!
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  #225  
Old Posted Feb 12, 2007, 11:28 PM
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If its taller than tower 2, 3 or 4 then it wouldn't look right. But thats a problem I can live with. BUILD AS HIGH AS YOU CAN!
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  #226  
Old Posted Feb 13, 2007, 12:35 AM
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Quote:
Originally Posted by CoolCzech View Post
I just hope Silverstein wouldn't react with a lawsuit or something in the event WTC 5 suddenly went commercial: in a way, I wouldn't blame him (because I think he got railroaded royally) but I just don't want to see any more delays at the site. It's exciting that we may see plans for 5 WTC within a few months. Any guesses at possible heights? I bid 850 feet...
I say somewhere between 850 and 900 ft. They could get away with 900 ft.

As far as Silverstein, yeah he got screwed. That's because so many people are shortsighted (witness the article still talking about fears of people working in the new WTC).

But Downtown is now at it's peak, even more so than pre-9/11. Not only are the new WTC towers being built, but you have the Goldman and the 876 ft Gehry tower as well. Not to mention the other large residential towers popping up down there. No one could have imagined a greater rebirth.
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  #227  
Old Posted Feb 13, 2007, 1:00 AM
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Here's the WSJ article...

Wall Street Journal
Feb 12, 2007

Private Funds Show Interest in WTC Site, A Move That Could Bolster Development

Alex Frangos and Jennifer S. Forsyth

The Port Authority of New York and New Jersey, the owner of the World Trade Center, has begun discussions to shop the Freedom Tower, hoping to lure private equity or hedge funds into owning all or part the $3 billion skyscraper, people familiar with the situation said. Separately, the agency is in talks to sell development rights to one of the five planned skyscrapers there to J.P. Morgan Chase & Co., the people said.

Taken together, the interest by private-sector money in the site would represent a major advance for the much-maligned development, which has thus far relied almost completely on government support and insurance proceeds.

Steve Coleman, a Port Authority spokesman, said, "We don't comment on discussions we may or may not be having." A spokesman for J.P. Morgan, New York, declined to comment.

Jones Lang LaSalle Inc. is representing the Port Authority as broker in the negotiations.

David Lichtenstein, chief executive of Lightstone Group, a Lakewood, N.J., real-estate investment firm, said he thinks that depending on the price and conditions, any number of private investors, including his own firm, would be interested in equity in the Freedom Tower, whose foundation is under construction. "In this market, I think anything in Manhattan would generate interest," he said. "That's a no- brainer, isn't it?"

Mr. Lichtenstein said he didn't think private investors would necessarily shy away from the tower just because of the site's legacy or the tower's potential as a new terrorist target. "That's what you have insurance for," he said.

Robert Sammons, director of research for the real-estate services firm Colliers ABR Inc., said a flood of investors -- from private- equity firms to pension firms to foreign interests -- are looking to own a piece of Manhattan, driving prices to record levels. "Certainly you're not going to find a better time to try to sell that equity interest," he said.

Designed as the signature skyscraper at Ground Zero, the Freedom Tower will rise a symbolic 1,776 feet. The structure, which has been redesigned several times, including a complete overhaul to better protect it from terrorist attacks, is set to be completed in 2012. The tower has lease commitments from the federal and New York state governments to take one million of the 2.6 million square feet.

Critics have decried the tower as an obvious terrorist target and a financial white elephant that private-sector tenants will shun. The first 18 stories of the tower will be taken up by a mostly unoccupied concrete structure to protect the building from possible truck bombs. The concrete will be covered with thousands of pieces of decorative glass to minimize any bunkerlike effect, say the architects.

Any deal for the Freedom Tower is unlikely to occur right away, people familiar with the matter said.

A move on Tower 5 by J.P. Morgan, on the other hand, could take place as soon as a month, though people familiar with the matter stress the firm is also exploring sites in midtown Manhattan or could choose to do nothing.

If a deal is made, J.P. Morgan would purchase a long-term ground lease from the Port Authority for what is known on plans as Tower 5. J.P. Morgan would build and occupy a 57-story, 1.6 million-square-foot office building, housing its trading and analyst operations. Such a move would be a major shot in the arm for the Trade Center site, which has so far failed to land private-sector tenants. Because the tower can't be ready for occupancy before 2012, the move reflects the panic New York firms are in to secure office space for the future as the cost of new buildings skyrockets. Investors have raced in the past year to pay record prices for Manhattan office real estate.

If J.P. Morgan goes ahead with Tower 5, it would be a disappointment to private developer Larry Silverstein, who is building three other office towers on the World Trade Center site. He unveiled fanciful architectural designs for his towers with great fanfare last year, hoping to lure financial firms to make an early commitment. Mr. Silverstein's towers are scheduled to be completed at least a year in advance of Tower 5.

(In a deal struck last year, the Port Authority took responsibility for the Freedom Tower and Tower 5. Mr. Silverstein would build towers 2, 3 and 4.)

A Silverstein spokesman declined to comment. The Tower 5 site, however, has its own problems. The plot is currently occupied by the building that formerly housed offices of Deutsche Bank AG and was heavily damaged when the Twin Towers collapsed across the street. The razing of that building, at 130 Liberty Street, has been stymied for more than three years because of environmental concerns and the discovery of human remains from the 9/11 attacks on its roof.

Also, as currently configured in plans, Tower 5 is too small to accommodate a floor plan large enough for trading operations. To expand its footprint would involve encroaching on adjacent land, currently reserved for a park and to rebuild a Greek Orthodox church destroyed in the 9/11 attacks. The Port Authority has presented the option of creating enough space by building a cantilevered trading floor that would overhang the adjacent land.

A J.P. Morgan move to Tower 5 would reflect a broader change in the value of residential real estate compared with office buildings. Last year the Port Authority, with the encouragement of New York Mayor Michael Bloomberg, indicated Tower 5 would likely be built as a condominium or hotel, given the then strong demand for anything with a bed in it. Since then, the residential market has slowed, while demand for office space keeps rising.

Real estate has been an important issue for J.P. Morgan as the bank cuts costs under Chief Executive James Dimon. Mr. Dimon said in October that the bank had trimmed its real-estate portfolio by 10 million square feet in the past two years to 67 million square feet. Furthermore, Mr. Dimon is a fan of state-of-the-art technology, so he would likely embrace a facility with the latest tools.

J.P. Morgan has other ties to the redevelopment of downtown Manhattan. Charles Maikish, executive director of the Lower Manhattan Construction Command Center, which coordinates the construction, is a former J.P. Morgan real-estate executive.
     
     
  #228  
Old Posted Feb 13, 2007, 12:27 PM
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Nothing shocking here...

(NY Times)

Spitzer, in Reversal, Is Expected to Approve Freedom Tower, Officials Say

By CHARLES V. BAGLI
February 13, 2007

With the downtown real estate market improving rapidly, Gov. Eliot Spitzer is expected to abandon his criticism of the Freedom Tower as a looming white elephant and to approve construction of the tower, which would rise 1,776 feet at ground zero, according to city, state and Port Authority officials.

When the new governor took office in January, his administration had put the Freedom Tower, one of five towers planned for the downtown site, under review. But with tenants leasing about two-thirds of the newly completed 7 World Trade Center and vacancy rates falling in Lower Manhattan, officials say that the prospects for the 2.6-million-square-foot Freedom Tower are improving.

Officials say that the point of no return is fast approaching for the $3 billion tower. Critics of the project, who regard it as poorly designed for corporate tenants and too big and expensive, had hoped that Mr. Spitzer, or his partner at the Port Authority of New York and New Jersey, Gov. Jon S. Corzine of New Jersey, would delay or kill the project.

Mr. Spitzer is expected to make an announcement about the Freedom Tower before a Feb. 22 meeting of the authority, which plans to vote on $460 million in contracts for concrete and electrical and plumbing work on the building. Next month, there will be another $300 million in contracts for curtain walls, elevators and escalators.

A spokeswoman for the governor, Christine Anderson, declined to comment.

The Port Authority, however, was buoyant about both the downtown real estate market and the tower. “While we are pleased that the market conditions continue to be strong and that the building is on schedule and on budget,” said Stephen Sigmund, a spokesman for the authority, “we have not reached any final conclusions or moved to final authorization.”

The officials said that the governor’s change of heart is not an indication that corporations are suddenly lining up to lease space in the Freedom Tower, which some potential tenants fear is a possible terrorist target. Yet some authority executives say those anxieties are subsiding as the city’s economy improves.

Indeed, a state official and two senior executives at the authority say the authority has received unsolicited inquiries from hedge funds and investment banks about buying the tower, but officials have not taken any formal steps down that road. In the last year, the city has been awash with investors eager to invest billions in real estate, be it office towers or large residential complexes. For example, Stuyvesant Town and Peter Cooper Village, adjoining apartment complexes in Manhattan, sold for a record-breaking $5.4 billion in November.

A senior Port Authority executive said that a sale or lease to a private owner would entail the buyer’s guaranteeing that the tower would be completed on schedule. It would also mean that the authority would not have to finance nearly $1 billion to build the skyscraper, and it would not suffer continuing losses until the building was fully leased. The buyer, in turn, would enjoy the future appreciation on the property.

Still, some real estate experts questioned why the Freedom Tower was being built at the same time that the developer Larry A. Silverstein was getting ready to build three office towers with more than six million square feet of space. They complained that it had attracted only government tenants who were being forced to pay higher rents than they should.

The developer Douglas Durst and the real estate investor Anthony E. Malkin say the tower is ill conceived, the result of a hasty six-week “redesign” after the police raised security concerns.

Mr. Durst said that the value of the tower would increase over time, but added that it made little sense to build everything at once.

“People want to see an economically viable building in a resurging downtown,” Mr. Malkin said. “Why is government building a skyscraper for government tenants in what should be the most valuable cornerstone of the project, and maybe all of downtown? Private capital has shown a willingness to build, but perhaps not with this design.”

Mr. Durst and Mr. Malkin say they are continuing in the footsteps of their families.

Mr. Durst’s father, Seymour, and Mr. Malkin’s grandfather, Lawrence A. Wein, were ardent opponents of the original plan for the World Trade Center. In 1964, they formed the Committee for a Reasonable World Trade Center
, which argued that the complex would flood the real estate market with subsidized space and compete unfairly with private landlords. By some accounts, the complex was not fully occupied and successful until shortly before it was destroyed.

Under the terms of a deal struck last fall, the Port Authority has taken over financial responsibility for the Freedom Tower from Mr. Silverstein. At $3 billion, the tower will cost $1,155 per square foot, which real estate experts said would require a net annual rent of as much as $80 a square foot.

The authority expects to get about $1.2 billion in insurance proceeds, $250 million from New York State and nearly $1 billion in tax-free bonds. That still leaves a considerable shortfall, although the state and federal governments have signed nonbinding agreements to lease one million square feet, or 38 percent of the skyscraper, for initial rent of $59 a square foot.

In order to get construction financing, lenders usually require private developers to secure leases for about half the space in a proposed office building. In addition, investment banks, companies often paying the highest rents in the market, have no interest in the tower, principally because the floors would be too small for trading operations.

State, city and Port Authority officials, even some who had been critical of the Freedom Tower in the past, say that the downtown market is improving faster than anyone expected. Mr. Silverstein is getting rents as high as $70 a square foot for 7 World Trade Center, they say.

JPMorgan Chase is talking with the authority about the possibility of acquiring the site of the former Deutsche Bank building near ground zero, soon to be demolished, and Midtown corporations and law firms are beginning to move downtown, drawn by rents that are 30 percent cheaper than those uptown.

Port Authority officials say that if the Freedom Tower is delayed, they will be unable to capitalize on the current market.

According to Newmark Knight Frank, a real estate firm, the vacancy rate for office space downtown has fallen to 10.3 percent, from 13.9 percent only a year ago. The Dutch bank ABN Amro recently signed a lease for 140,000 square feet at Mr. Silverstein’s 7 World Trade Center, at the northwest corner of Vesey and Greenwich Streets. But Goldman Sachs plans to vacate as much as 2 million square feet in several office buildings when it moves to its new headquarters at Battery Park City.

Barry M. Gosin, the chief executive of Newmark and a former critic of the Freedom Tower, said that he could now go “either way” on the project. “There’s some merit to building it later,” he said. “You’d get the full benefit of the created value. On the other hand, building now is fine.”
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  #229  
Old Posted Feb 13, 2007, 2:15 PM
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Well now, THAT'S good to hear!!

No more delays and stalling tactics, and the tower will be built and completed on schedule as planned.
     
     
  #230  
Old Posted Feb 13, 2007, 2:49 PM
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Construction has already started though, right? I dont follow this....
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  #231  
Old Posted Feb 13, 2007, 8:34 PM
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NY Post
Steve Cuozzo
2/13/07

So, what about yesterday's Wall Street Journal report that the Port Authority has begun talks to "shop the Freedom Tower" in hopes of luring private equity or hedge funds into owning a piece of the $3 billion project?

A source familiar with the "discussions" says the PA has been "approached," but that so far, "it's a bunch of no-names - hedge fund types, not Wall Street institutions." Although the PA is "opportunistic" and will consider offers, "don't expect any overnight bombshells," our source said.
     
     
  #232  
Old Posted Feb 14, 2007, 12:48 PM
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NY Post

FREEDOM RING$
BLACKSTONE EYES $3B ICONIC TOWER PURCHASE




DOWNTOWN DEALMAKERS: Super moneyman Steve Schwarzman (above), the head of private-equity titan Blackstone Group, could be pouring dough into the heart of lower Manhattan with a Freedom Tower buy.


By TOM TOPOUSIS and STEVE CUOZZO
February 14, 2007

Fresh off its acquisition of the largest collection of office towers in the nation, the Blackstone Group has set its sights on the Freedom Tower, The Post has learned.

Blackstone made an unsolicited approach to the Port Authority of New York and New Jersey about acquiring the 1,776-foot-tall tower now under construction by the agency and due to be completed by 2012, sources said.

Sources said Blackstone is just one of several real estate investors expressing interest in the iconic tower, which will host a combination of federal, state and private tenants.


The Port Authority is considering a range of options for the Freedom Tower, including one or more private investors for all or part of the building, slated to cost roughly $3 billion. But any discussions with potential investors are in a very preliminary stage.

A Port Authority spokesman declined to comment. And a Blackstone spokesman last night denied his firm is trying to purchase the tower.

Port Authority officials in the past have been clear that the agency's investment in the Freedom Tower would have to work financially so as not to deprive resources from the core mission of building and operating regional transportation systems.

The Port Authority agreed to take over control of the Freedom Tower and a fifth World Trade Center tower a block south of the main campus in a restructured deal with Ground Zero developer Larry Silverstein.

J.P. Morgan Chase, as first reported in The Post, has expressed interest in developing Tower 5 as a commercial building, signaling that the Port Authority is open to reversing an earlier plan to use the 57-story building for housing and a hotel.

Silverstein will develop three towers, including about 6 million square feet of office space, along the Church Street side of the Trade Center.

As part of the deal, the Port Authority will get $900 million of the $4.6 billion World Trade Center insurance money, and access to $1 billion in low-interest Liberty Bond financing for the Freedom Tower.

Also part of the deal moving the Freedom Tower to the Port Authority are leasing commitments for 1 million square feet of space in the building from federal and state agencies.

But it's the boom in demand for Manhattan office space that has turned what was once viewed as a potential white elephant into a hot property. The Freedom Tower will include 2.6 million square feet of office space - a quarter of what the Twin Towers held.

Word of Blackstone's interest in the Freedom Tower comes on the heels of the firm's $39 billion acquisition this month of Equity Office Properties' portfolio of 543 office buildings across the nation with a total of 103 million square feet of space.
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  #233  
Old Posted Feb 14, 2007, 2:49 PM
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As long as the tower gets built, that's all I care about right now. The rest can come later.

Last edited by Daquan13; Feb 15, 2007 at 8:14 AM.
     
     
  #234  
Old Posted Feb 14, 2007, 3:13 PM
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If they feel that building all 4 is adding way to much square footage to the market then they should space out there construction. I hope they build the freedom tower first though, as the other buildings are even more so mediocre when it comes to design. I would still prefer to see two freedom towers instead of the different buildings and that ugly train station.

Is there really 18 floors of only concrete? Do they really need that much to stop truck bombs, that seems very excessive
     
     
  #235  
Old Posted Feb 14, 2007, 3:28 PM
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^Its been proven that you can never be too careful.
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  #236  
Old Posted Feb 14, 2007, 11:51 PM
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Quote:
Originally Posted by NYguy View Post
NY Post



But it's the boom in demand for Manhattan office space that has turned what was once viewed as a potential white elephant into a hot property. The Freedom Tower will include 2.6 million square feet of office space - a quarter of what the Twin Towers held.

Word of Blackstone's interest in the Freedom Tower comes on the heels of the firm's $39 billion acquisition this month of Equity Office Properties' portfolio of 543 office buildings across the nation with a total of 103 million square feet of space.
OK, so does this mean that the NY Post and Cuozzo now want to buy an equity interest in the Freedom Tower?

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  #237  
Old Posted Feb 15, 2007, 2:32 AM
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A week or so ago,Cuozzo had given an indication that the tower should be put on hold for a while.

Has he had a change of heart since then and now wants to throw his name in the hat since Blacksone stepped up to the plate and is thinking about buying the tower?

My, my, my, how the tide has changed!!
     
     
  #238  
Old Posted Feb 15, 2007, 3:04 AM
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Spitzer likely to OK Freedom Tower start

2/14/2007

ALBANY (AP) - Gov. Eliot L. Spitzer is expected to approve construction of the 1,776-foot Freedom Tower and give up his criticism of the project amid a booming real estate market in lower Manhattan, the New York Times reported Tuesday.
The Times said Spitzer is expected to make a decision on the tower before a Feb. 22 meeting of the Port Authority of New York and New Jersey, when it is scheduled to vote on $460 million in construction contracts for the project.

Spitzer said last year that he planned to look again at designs for the tower because of concerns over the project's financial feasibility.

Now, with tenants grabbing office space at the newly completed 7 World Trade Center and demand growing for office space in lower Manhattan, the Freedom Tower is becoming a more attractive investment, the newspaper said, citing unidentified state, New York City and Port Authority officials.

Lengthy negotiations over who would build the tower and security concerns have delayed the project for years.

Federal and state agencies, including the governor's office, have already agreed to occupy half of the office space.
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  #239  
Old Posted Feb 15, 2007, 3:09 AM
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Spitzer interview:

Q: Have you changed your mind on the Freedom Tower?

SPITZER: There will be an announcement with respect to the Freedom Tower down the road at an appropriate moment. But I haven't changed my mind. What I said early on was that I was frustrated as many were at the pace of the redevelopment and the cost escalation we were seeing in some of the analyses of development.

All that continues to be true but you get into an office, you're presented with a set of circumstances and you push and inquire and you then make the best business judgment and best judgment in the context of what Ground Zero is that is plausible and possible and I will announce that in due course.

Q: What type of announcement is it? A status report or a sea change?

SPITZER: A status report or a sea change? My lawyer should object and say there's an ambiguity here. I don't want to say any more than I've said.

http://www.pressconnects.com/apps/pb...702130389/1006
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  #240  
Old Posted Feb 15, 2007, 3:10 AM
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Spitzer about to back Freedom Tower he once doubted
Wednesday, February 14, 2007
BY RON MARSICO
Star-Ledger Staff
Despite once calling the Freedom Tower a "white elephant," New York Gov. Eliot Spitzer is now planning to endorse construction of the iconic 1,776-foot skyscraper at Ground Zero, according to Port Authority of New York and New Jersey officials.

Spitzer's announcement is expected before the bi-state agency's board convenes Feb. 22 to consider about $460 million in construction contracts for the next phase of work on the site's signature structure, officials said. They spoke only on condition of anonymity because Spitzer has not authorized anyone to discuss his initiative publicly.
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