Date: Aug 24, 2009
Press Release Number: 110-2009
Today, the Port Authority of New York and New Jersey announced that it has turned over to Silverstein Properties, Inc. (SPI) the site for Tower 2, completing the Port Authority’s final site turnover obligations under the 2006 Master Development Agreement (MDA). The Port Authority had previously turned over the sites for Towers 3 and 4. This final site turnover ends the Port Authority’s obligation to pay $300,000 a day in liquidated damages to SPI and, in turn, triggers SPI’s obligation to build its three towers. In accordance with the MDA, all three towers must be completed at the latest in 2014.
With its turnover obligations satisfied, the Port Authority will continue its daily and visible progress building the site’s public projects - the 9/11 Memorial, WTC Transportation Hub, Vehicle Security Center, One World Trade Center, the retail components and other public infrastructure.