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Silverstein Proposes To Forget World Trade Center Tower 2

2010_02_tow2.jpg
2009 photograph of where Tower 2 would stand by Joe Woolhead/Silverstein Properties

World Trade Center developer Larry Silverstein is trying to make nice with the Port Authority—and win the agency's okay—by offering new financing plans for towers at Ground Zero. And it looks like he's willing to sacrifice Norman Foster-designed Tower 2 in the process.

According to Crain's, "Mr. Silverstein says he'll pony up between $150 million and $250 million to fund the second tower instead of just the $50 million he had originally offered. He has also offered to allocate the insurance money and proceeds from all of his Liberty bonds to build the two towers. The proceeds were originally supposed to be divided over the three towers. Additionally, in a move that will save about $262 million, Mr. Silverstein will build what is referred to in various development plans as Tower 3, instead of his more expensive Tower 2." (Tower 4 is currently being constructed.)

Previously, there was talk that Tower 2, which is designed by Lord Norman Foster (who designed the Hearst Tower addition), and Tower 3, designed by Richard Rogers, would become low-rises while Tower 5 would be scrapped. The Daily News reports that the Port Authority, which has been sparring with the developer over money, thinks Silverstein's idea is a "non-starter" and wants him to put $600 million of his own cash into the deal. The battle between Silverstein and the PA will be examined on 60 Minutes this Sunday.

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Comments [rss]

  • Troy

    Does downtown really NEED giant office buildings that will be EMPTY for years if not decades? The City should have backed bonds to buy out both the Port, the State and Silverstein years ago. The earlier commenter is right–too many government cooks. The WTC was never a good idea. Lower Manhattan needs better, faster mass transit connections and more 24 hour life to compete with midtown. Giant, sterile, windswept plazas with hulking glass and steel monoliths to replace the ones that were knocked down is not the solution. Never was. Pataki deserves a great deal of the blame for rushing to fill the space with Liebskind's daft, cheesy master plan. 1,776 foot tall building anyone? Give me a break! Most of his ideas were rejected anyway. So we get all the boring tall office buildings and none of the promised (fudged) light shows on 9/11 anniversaries or whatever. The good news is there's still time to rectify the mistake of some of the master plan and make more human-scale buildings on the site. I'm not talking walk-ups...but why not some hotels, apartment buildings and buildings that people actually will actually like? Sure this will cost money in the short term, but does anyone really think empty office buildings will help the city's finances in the future?

  • NannyState

    Are you kidding? With all the construction already underway, there's like 1.5 acres left for your hotel/apartment/awesome likeable buildings. I agree that anything is better than a hole in the ground but the die is cast and what remains are the warm memories of what could have been if Larry Silverstein, the PA, and bloody Albany were in the trade towers on 9/11.

  • youngpro

    larry silverstein- cheap sheister fuck, scumbag.

  • blink

    Larry made so much money on the Trade Towers being destroyed on 9/11, you've got to wonder if he didn't fly and crash one of the two jets while donning an asbestos suit.

  • Jail_Bait

    If the port authority is serious about getting this project done, Silverstein must be bought out. I don't think he's being obstructionist per se, he's just trying to protect his interests, which is his right. Just buy out the remainder of his lease and let's move on ... all these delays are disgraceful.

  • Gothampc

    Earlier this year, Dubai opened the tallest building in the world which they started building in 2005. What is taking World Trade Center so long?

  • Shinobi Shaw

    Places lke Dubai and Shanghai don't have the massive bureaucracy that NYC has, the oil barons and corporate executives just give out the orders and their minions respond.

    Here we have a series of conflict of interests with different parties.

  • longacre

    Dubai uses slave labor: they import men from southeast Asia, confiscate their passports, and pay them nothing (carpenters make under $10 A DAY, laborers about $6). Don't like it? Sucks to be you since we have your passport and you can't afford a flight home anyway.

  • NannyState

    And the price tag? $1.7 billion. That much money gets you a latte and a knish in NYC.

  • Homer2323

    One word. Government. You have the City of NY, the Port Authority, the Lower Manhattan Development Corporation. One Government agency cant do anything efficiently why do you think three will? The WTC site is the biggest advertisement for government inefficiency in America today.

    Notice there has been one building up? That would be 7 WTC. Why? It was built by a private developer.

    Did you know the Empire State Building was built in 18 months. Yes. 18 months. IN 1930!!

  • Spirit of 76

    It is about government, but not the way people think. Dubai's Burj Khalifa superskyscraper and ultraluxury resorts were built by corporations owned by the government. That's the advantage of a monarchy. Can you imagine the fiasco NYC would be if King Bloomberg gave Bloomberg LLC free reign building NYC however they wanted it?

    I wouldn't hold Dubai up as a prime example of responsible development. They went way overboard and drowned in debt when the economy went south. If not for its oil-rich neighbor stepping in to help at the last minute, that building and many others would be in foreclosure today. Despite what some think, Dubai is not full of "oil barons." Their economy isn't primarily petroleum based.

  • brianf

    too bad. imho thats the best looking of the proposed towers. just put a park in there already. seems to me that there is plenty of unused office space around here anyway. maybe im wrong.

  • Kevin Walsh

    Suppose we forget the whole thing, fill the bathtub, finish the memorial and put some office buildings and stores there.

    Because this dream of WTC II won't happen till we're long dead, if then.

    www.forgotten-ny.com

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