Plans for the World Trade Center site continue to be downsized.
The Port Authority confirmed today that it is considering a new plan for the World Trade Center site that would do away with one of the proposed towers entirely.
Under the plan, Tower 5, which was set to rise on the spot occupied by the former Deutsche Bank building, would not be built at all, at least in the foreseeable future.
This comes on top of the agency’s plans to seriously scale down Towers 2 and 3 to only four or five stories.
As for Tower 4, the plan calls for that to go ahead, with the Port Authority underwriting a billion dollars in financing costs and rent abatements. However, developer Larry Silverstein would be forced to give up most of his development fees and insurance proceeds.
Sources close to Silverstein told the Daily News today that he feels the Port Authority is acting unfairly in setting the financial terms and for eliminating two of his towers.
Word of the plan comes as both sides, as well as city and state officials, are set to meet as early as this week at Gracie Mansion in hopes of hammering out some of the issues delaying progress at the site.
(Source: NY1)
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2 Responses
It would be extremely shortsighted to cut back the size of the buildings. These buildings are being built for years to come, this recession, while deep and painful, is temporary. By cutting back, they will be shooting themselves in the foot for future growth.
It looks like the terrorists won, doesn’t it? They threw down the twin towers, and we can’t even organize ourselves enough to do anything with a simple piece of land!