Construction at World Trade Center Site Moving Along

Construction at World Trade Center Site Moving Along

Construction at World Trade Center Site Moving Along

Construction as the site of the World Trade Center is expected to be finished by 2014.  The construction consists of four office towers, a transit center, and a memorial and museum commemorating the lives lost when two planes were directed into the original towers.

Developer Larry Silverstein said that nearly a quarter of a million people would work and visit the new complex each day during construction.  Silverstein’s announcement took place at 7 World Trade Center.  The 52-story tower was completed in 2006 and stands directly across from where the twin towers once stood.  It was the first of several towers that are part of the rebuilding project.

The focal point of the project is 1 World Trade Center, and construction has been completed up to the 36th story.  Executive Director of the New York and New Jersey Port Authority, Christopher Ward, said the tower is scheduled to be completed by 2013.  1 million square feet are expected to be leased in the building.

Construction at the site has taken a long time due various legal proceedings.  Silverstein had signed a 99-year lease for the trade center less than two months before the 2001 attacks.  In an agreement reached with the Port Authority, who owns the property, Silverstein is entitled to build three new towers.  Silverstein and the Port Authority agreed to a pact for financing that will allow Silverstein to build two towers.  Port Authority is building 1 World Trade Center.

Under the financial agreement, Port Authority and other public lenders are to be repaid before Silverstein or private investors can profit from either of the two buildings owned by Silverstein.


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