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Silverstein Asks for More

NEW YORK CITY-The developer asks for additional Liberty Bond funding for the Ground Zero redevelopment process, which he has called the "passion of my life."

By Barbara Jarvie | Updated on April 22, 2005

NEW YORK CITY-Silverstein Properties has applied for an additional $3.5 billion in Liberty Bond financing with the New York City Industrial Development Agency to go toward the rebuilding of the World Trade Center site. In January , the IDA gave the go ahead for $475 million of New York Liberty Bonds to be used for the reconstruction and permanent financing of 7 World Trade Center. The developer plans the 1,776-ft Freedom Tower, which will have 2.6 million sf of office space on 60 stories on the WTC site.

While not issuing any statement on this latest application, Silverstein has never made a secret of his belief that the rebuilding of the World Trade Center required substantial Liberty Bond financing. “Monies are absolutely essential. We will still need Liberty Bond financing. It will be absolutely critical to get it rebuilt,” he said earlier this year. And last year, during in a series of city council hearings on funding for Lower Manhattan redevelopment, John Lieber, senior vice president of World Trade Center LLC, a Silverstein Properties company, issued a call that the funds remaining in the Liberty Bond pool should be allocated and preserved for the rebuilding of the World Trade Center site.

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