Silverstein is the only private partner participating in Construction Skills 2000, a job training apprenticeship program for high school students operated by the Building and Construction Trades Council, the Building Trade Employers' Association, the New York City Department of Education, the School Construction Authority and the Port Authority of New York and New Jersey.
Silverstein is also forming a Contractor's Opportunity Council to identify minority/women-owned businesses and provide them with information regarding upcoming Lower Manhattan projects as well as helping them meet the qualifications and accreditations.
"Ten thousand construction jobs will be created each year over the next 10 years," Silverstein said. "It's hugely significant for Downtown." He noted that the construction process is expected to generate $18 billion and $15 billion annually after it has been completed.
Silverstein commented on his company's ongoing legal battle with the various insurance companies over the rebuilding of the World Trade Center site that is currently taking place in a Downtown courthouse. "We're fighting hard with the insurance companies to receive funds for the rebuilding process." He said of the $12 billion needed for the WTC construction, $5 billion will come from federal funds, but that he expects the balance to come from the insurers. "It's an ongoing battle to have the insurer's fulfill their responsibilities."
Silverstein expects the steel at 7 WTC to be topped out by the end of this year and for the construction to be completed in 2005 or 2006.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
