Deal, World Trade Center Rebuilding Can Continue

March 26, 2010
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Finally, the New York City Port Authority and developer Larry Silverstein have reached a deal, World Trade Center Rebuilding may begin soon. Stuck in stalemate for nearly 16 months regarding 3 of the 4 buildings to be built, it seemed that work would never begin. Now, in a ground-breaking agreement, the redevelopment of the site can get under way. Continue reading below for the full story, as well as pictures and video!

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Work on the first building at the site has already begun, as well as a September 11, 2001 memorial and transit hub. But work on the other three towers has been stalled due to disagreements between Silverstein the the Port Authority.

Silverstein, who signed a 99-year lease on the site in August 2001, was ready to begin work years ago but said that the Port Authority was not financing their part of the building process. The Port Authority said it was doing as much as it could, but could not afford to allocate more to the project in such dire financial times.

With the new tentative deal, World Trade Center rebuilding will continue with a second 64-story tower to be built by 2013 financed by the Port Authority. Then, Silverstein will have to amalgamate $300 Million for the third tower. If he is able to secure commitments to lease 400,000 square feet of the space, he will gain access to an additional $600,000 in financing from New York City and State.

The fourth building will have its foundations laid up to ground level and remain on hold until financing becomes available.

Commenting on the deal, Silverstein said:

“Today’s agreement between my company and the Port Authority will accelerate the rebuilding of the World Trade Center. This is great news for New York.”

His sentiments were echoed by Mayor Bloomberg:

“First, this is great news for our city’s economy, and it really will spur our continued recovery from the national recession. It means that in very short order, thousands of electricians, operating engineers and others in our still hard-hit construction industry will be at work on the eastern portion of the World Trade Center site.”

I’m really excited about this deal. World Trade Center rebuilding is a necessary step in healing for the United States, even almost 10 years after the terrorist attacks. Further, it’s a lifeline for a lagging construction sector in one of the nations’ largest cities.

Do you think the WTC should be rebuilt? Is this good news? Tell us your opinion, and don’t miss the pictures and video below!

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Photos: www.wenn.com Stefan Jeremiah

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