NEW YORK (WPIX)—The Port Authority, government officials and developer Larry A. Silverstein have reached a tentative agreement that could end a 16-month impasse and allow the construction of two new skyscrapers at the World Trade Center site.
The agreement will allow four office towers to be built on the site. Secondary issues were still being discussed on Wednesday and all sides are trying to come to an agreement before the Port Authority's Thursday meeting.
The Port Authority of New York and New Jersey is already building the new 1,776-foot tall One World Trade Center; a $3.2 billion transit center; the national memorial, as well as new streets and infrastructure for the area. Development at the site had been stalled in a dispute over financing.
Silverstein, who held a 99-year lease on the Twin Towers before they were destroyed, has continued to pay rent to the Port Authority. He has the right to build three other towers at Ground Zero.
The Port Authority has agreed to help finance one of Silverstein's towers -- a 64-story building on Church Street.
Gov. David A. Paterson and Mayor Michael R. Bloomberg also agreed to secure back-up financing for Silverstein's second 71-story tower, on the condition that he raise at least $300 million in cash and lease out at least 400,000 square feet to corporate tenants.
The remaining insurance money from the Sept. 11 attacks, which totals about $1 billion, will be pooled into the construction of the two buildings.
Silverstein's third tower would be delayed until further notice until the real estate market has recovered.