Developer Larry Silverstein has secured the funds to build his long-planned 3 World Trade Center.

Silverstein has sold $1.6 billion worth of tax-exempt bonds, paving the way for construction of the tower by 2018.

The 1,170-foot tower would be the third to be constructed on the 16-acre site.

Silverstein has so far signed up one tenant for the 2.5-million-square-foot building. Advertising firm GroupM has agreed to lease 515,000 square feet.

(AP)