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IDA Approves $450M in Liberty Bonds for 7WTC; Improves Hearing Process

NEW YORK CITY-Larry Silverstein applied for the financing to bridge the gap between the project's $1.2-billion tab and $796 million in available insurance funds. The agency also unveiled new public hearing procedures that advocates say will enable meaningful public participation.

By Glen Thompson | Updated on January 14, 2003

NEW YORK CITY-Larry Silverstein yesterday nailed down up to $400 million in tax-exempt Liberty Bond financing for the construction of the $1.2-billion 7 World Trade Center project. And while it was certainly a red-letter day for the developer, city advocacy groups also are cheering new reporting guidelines that they say bring unprecedented opportunity for public input to the process of rebuilding Lower Manhattan.

Andrew Alper, president of the New York City Economic Development Corp., revealed the funding as well as the new hearing procedures at Tuesday’s meeting of the NYC Industrial Development Agency, which is charged with managing the commercial portion of the Liberty Bond program. “The New York Liberty Bond Program is a major tool for securing Lower Manhattan’s position as the financial capital of the world,” said Alper. “The former 7 World Trade Center was an integral part of Lower Manhattan’s makeup and its reconstruction will provide a tremendous boost to the revitalization of the downtown business community.”

Tishman Construction Corp. is the general contractor for 7 WTC, which is currently under construction on a 58,400-sf site owned by the Port Authority of New York and New Jersey and bounded by Greenwich, Barclay, Washington and Vesey streets. The project will consist of a 52-story building with approximately 1.7 million sf, including a 76,500-sf Con Edison substation at its base. In order to accommodate the reconfiguration of Greenwich Street, the new building will be 240,000 sf smaller than the original.

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