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WTC Developer To Get Boost From NY Port Authority

NY1 03/23/2009 00:18
WTC Developer To Get Boost From NY Port Authority - USA - Business - New York - NYC - conctruction


Despite the uncertain economic climate, developer Larry Silverstein and the Port Authority say they're in talks to move forward with construction at the World Trade Center site. Published reports say the agency is considering giving the developer financial backing for one of the three towers Silverstein is building on the site.



The economic downturn has made it difficult for Silverstein to get financing. He's also said to be running out of the insurance money he received after the September 11th attacks.

A Silverstein spokesman says the Port Authority is responsible for the delays because they haven't been able to get the sites ready to build on.

The Port Authority says construction will continue while they work with Silverstein to figure out how to best meet the changed market.


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