THE PORT AUTHORITY OF NY & NJ

Press Release Article


JOINT STATEMENT ON WORLD TRADE CENTER DEVELOPMENT PLAN

Date: Mar 25, 2010
Press Release Number: 15-2010

The States of New York and New Jersey, the City of New York, the Port Authority and Silverstein Properties announced today the outline of a development plan for the east side of the World Trade Center site.  The plan calls for the immediate restoration of the east side of the WTC site to at least street level, the completion of Tower 4 by 2013 and the phase-in of Towers 2 and 3 over time.  All other projects, including the 9/11 Memorial, One World Trade Center, the WTC Transportation Hub and other public infrastructure, will continue moving forward.

The proposed development plan, presented to the Port Authority Board today, is the result of discussions between Silverstein Properties, the Port Authority, the States of New York and New Jersey and the City of New York over how to finance and build the three office towers on the east side of the WTC site.  Silverstein Properties is responsible for building Towers 2, 3 and 4 under agreements entered into in 2001 and subsequently amended in 2006.  Under the 2006 amendments, the Port Authority assumed responsibility for developing One World Trade Center and Tower 5, in addition to the WTC Transportation Hub, the 9/11 Memorial, the Vehicle Security Center, Greenwich and Fulton Streets, retail development and related infrastructure. 

The agreement strikes an important balance between the redevelopment goals, financial risks and rewards between the public and private sector. Further, the public mediators developed private development benchmarks to protect public interests. The proposed development plan and framework would include the following key elements:


Over the next 120 days, the parties will negotiate agreements consistent with the development plan and framework.  These agreements will then be presented to the Port Authority Board for final approval.