Port Authority Plays Deal (or No Deal) with Silverstein

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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By Jen Chung in News on April 20, 2006 8:46 AM

Comments [rss]

Toby

What should be done is have the city use eminent domain and get control of the site that way. Screw Pataki, the Port Authority and that prick Silverstein.

Either leave the big gaping hole in the ground, which is a chilling memorial of that day or rebuild what was once there. No underground parking garage of a memorial, or crushed soda can with a straw sticking out of it looking building please.

Debra

Everyone knows this jackass pulled Tower 7. If that wasn't a demolition job then what is? It's a massive heap of shit nobody's dragged this guy infront of a grand jury.

jon bon jovi

"(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)"

That's funny. Like nobody from outside of NYC died in the World Trade Center.

tien

for the love of god, please build something! anything!

MT

After touring the new 7 WTC I gotta side with Silverstein. He really seems to know what he is doing and how to get things done. The building is architecturally interesting (just wait until the LED facade is fully functional. It's going to be FIERCE!) He even allowed some new park space to be incorporated into the site plan for 7 WTC. What other developer is going to give up rentable space like that?

wtc

The powers that be have mangled this process. Notice that Building 7, which was mostly left for Mr. Silverstein himself to deal with, has ALREADY BEEN COMPLETELY REBUILT and is nearly ready to go.