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Besides the lack of prospective tenants, Mr. Silverstein has had several setbacks and is engaged in an increasingly tense struggle with politicians and government agencies who could derail the plans of the 74-year-old real-estate veteran. Even his longtime financial backer may be open to a deal that would allow their partnership to be removed from at least part of the rebuilding process.

Mr. Silverstein's latest bad news came this week, when he failed to reach agreement with New York City on a timetable for the project and on how much Mr. Silverstein can request as a developer's fee. That pact was necessary for the city to approve $3.5 billion in tax-exempt bonds to help pay for the rebuilding of the Trade Center site. The two sides are still talking, but Mr. Silverstein says the lack of a deal will only delay rebuilding.

More than four years have passed since 9/11, and little has been rebuilt on the site except a temporary commuter rail station and 7 World Trade Center. The lack of progress has led to finger-pointing between Mr. Silverstein and the city, New York State and the Port Authority of New York and New Jersey, which owns the Trade Center site and serves as Mr. Silverstein's landlord. Political leaders are becoming more involved in the rebuilding. This is the last year in office for New York Gov. George E. Pataki, and he is concerned about his legacy, while New York Mayor Michael Bloomberg, fresh off a re-election romp, is no longer focused on building a football stadium for the New York Jets or bringing the Olympics to the city.
the wsj
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