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Port Authority Approves WTC Development Plan
By: Doug CaverlyWednesday, September 1st, 2010 at 5:25 pm
The full restoration of the World Trade Center site seems more certain than ever. The Port Authority Board of Commissioners has endorsed a plan that Silverstein Properties, the City of New York, and the States of New York and New Jersey should all be able to agree upon.
The “Development Plan,” as it’s known, follows an established framework, and calls for the continued construction of One World Trade Center and the 9/11 Memorial, which is good – if unsurprising – news. It calls for the continued construction of Tower 4, too, setting 2013 as a completion target.
The more interesting part of the agreement relates to Towers 2 and 3, which the recession put in jeopardy due to decreased demand for office space.
In a statement, the Port Authority called for “[t]he immediate construction of Tower 2 to street level with the flexibility to start construction of the office tower based solely on market demand and no public support.”
Also, the Port Authority wants to see “[t]he immediate construction of Tower 3, initially to podium level funded entirely by insurance proceeds and, should SPI meet certain private market triggers, continued tower construction to completion in 2015.”
Port Authority Chairman Anthony R. Coscia characterized the agreement on these matters as “a major milestone.”
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November 27th, 2010 at 11:12 am
[...] say it may only be delayed by a year. The whole process, though, has been grossly politicized by state and local officials. Larry Silverstein, the head of Silverstein properties – which holds a 99-year [...]
September 10th, 2010 at 10:03 pm
Can someone confirm if Tower 2 ( to be the 2nd largest skyscraper in New York) is to be constructed or completed as soon as possible? I read about it on a BBC article dated Sept 10th of this year. If someone can confirm it I’d appreciate a reply preferably from a NYC resident since I figure that he or she would be better informed. Thank you.