Financing The Freedom Tower

The Wall Street Journal offers an insider's perspective at the very messy process of funding development of the Freedom Tower complex.

1 minute read

November 1, 2004, 9:00 AM PST

By Chris Steins @planetizen

Silverstein Properties and the Port Authority are "guided by a lease each signed six weeks before the Sept. 11, 2001, attacks. The lease stipulates that should the complex be destroyed, Silverstein must continue to pay the $120 million a year rent in order to maintain the right to rebuild."

... 'We're about to invest several billion dollars in a real-estate project, and we don't have a commitment at all from the developer about how we are going to be treated,' says a Port Authority official, who spoke on condition of anonymity...

...The Port Authority and Silverstein are also battling over who will pay the $1 billion to $2 billion to construct the site's underground backbone,... that will support both the office buildings and the site's cultural, memorial and transit functions. Those familiar with the negotiations say the sides are far from an agreement."

Thanks to ArchNewsNow.com

Read the full story: Plans for Ground Zero Are Outpacing Financing

Thursday, October 28, 2004 in Wall St. Journal

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