Deal Reached - World Trade Center Towers

Developer Larry Silverstein and the Port Authority of New York and New Jersey have agreed in principle on an agreement that would bring an end to the bitter stalemate that has kept much of the World Trade Center rebuild on the shelf.

The Port Authority, New York City and New York State all have agreed to contribute $200 million in public money to back construction loans for two of Silverstein's towers at Ground Zero provided the developer is able to raise $300 million on his own and pre-lease 400,000 sq ft in Tower 3.

The deal was finalized this afternoon during a meeting of the Port Authority board, Silverstein, New York City Mayor Michael Bloomberg and New York Governor David Paterson. The deal comes nearly two weeks after the.......read more

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