Quote:
Originally Posted by Crawford
The stupid news articles are totally misleading.
There is no news on Tower 2. Silverstein is only saying he can fund 3 and 4, not 2.
The only real story on Tower 2 is that it will be built last, but we already knew that (it's the most expensive of the remaining towers).
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That's the problem with the way these things are reported. People are too lazy to read, and too stupid to understand what they
do read. I like what Silverstein has done here. Rather than put off Tower 3 until he can get normal financing, he'll build that now (less expensive) and put off Tower 2.
The other big problem is, the Port Authority really couldn't give a damn. They've already redesigned the PATH terminal in a way that could leave holes in the ground - yet the $2 billion plus station to nowhere would be built. And what incentive does the PA have? Silverstein has to pay the rent regardless. Meanwhile, the PA likes to point to the progress being made with the Freedom Tower, nevermind that it was Silverstein who got that one together also.
http://www.wnyc.org/news/articles/150503
Quote:
Developer Larry Silverstein Proposes New Plan for Ground Zero
by Matthew Schuerman
February 19, 2010
Negotiations are resuming over when and what to build at Ground Zero.
A source familiar with the negotiations says developer Larry Silverstein wants to focus all of his money on the two smallest towers proposed for the site, and push off indefinitely the construction of the third and tallest tower. But in return, he wants the Port Authority to guarantee the loans he'll take out.
Port Authority spokesman Steve Sigmund says Silverstein's latest offer still amounts to a public bailout but the Port Authority intends to make a counter-offer. He says the only part of the site that's not moving forward are the developer's office towers.
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The other developers around town don't want these office towers built. Look at the long line of massive midtown office towers that are waiting for financing and tenants. The WTC was always supposed to be rebuilt as "spec" space. But it's basically been Silverstein on his own fighting for the rebuild, although Bloomberg finally seems to be awakening from his coma.