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Photograph of 1 World Trade Center by Joe Woolhead/Silverstein Properties
Hey, guess what? Over a year after missing the July 1, 2008 deadline to turn over the World Trade Center site to developer Larry Silverstein, now the Port Authority says the site will be ready! The Daily News reports, "Agency brass say that within the next two months, they'll turn over 'construction-ready land' to the developer - and stop paying him $300,000-a-day in late fees they've paid for more than a year. The handover of the World Trade Center parcel will start the clock ticking on a contractual deal that requires Silverstein to construct the Church St. buildings within five years - or else."
Port Authority executive director Chris Ward referred to the "or else": "He will be in default, and the conclusion of that will be - and I emphasize the word conclusion - that the Port Authority would take title to all three towers." The PA is also taking different steps to speed up construction: "The bistate agency will pay the Tishman and Turner construction companies of New York $105 million to provide more efficient construction management at the site in lower Manhattan."
The News also reports that the PA is ready to move an access-blocking wall in the site; Silverstein's spokesman said, "It's nice to hear that - 32 weeks after an arbitration panel mandated the removal of the PA's wall in the middle of the site - they are now taking 'aggressive action,' which may result in this work getting done after a couple of more months." Snark on!
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Does this mean that one day tourists will stop asking where 9/11 is?
Wait, did I read that right? The Port Authority paid a developer over 109,000,000 last year in late fees? That is beyond absurd.
It's more shocking if you interpret it as your tax dollars going directly from your wallet into his.
That would be shocking, because the Port Authority does not receive any tax dollars.
Sounds like it would have been a better business decision to sell that land outright. I fail to see any advantages of the existence of Port "Authority".
well, silverstein is paying more than $300,000 a day for the land he doesn't get to use as part of the lease he signed a few months before 9-11 in 2001, so don't be too shocked about it.
"construct the buildings within five years - or else."
Because one thing we need in these crummy economic times are hastily assembled skyscrapers.
And millions of square feet of office space.
Construct 'em in five years, fill 'em in thirty. What part of "WTC" don't you understand?