press conference

"We're going to come up with a resolution," WTC leaseholder Larry Silverstein said at the time. He noted that he expected his firm will develop the entire site. He noted that buildings on the site are ideally suited for use by corporate users requiring large amounts of space, as opposed to residential use. "That's its best and highest use."

Mayor Michael Bloomberg had called on Silverstein to "do the right thing and hand off responsibility for building Towers 3 and 4, in exchange for a reduction of its rent." In a letter issued by the Silverstein group, officials say that the notion that increased government involvement will speed things up "does not pass the smell test. Construction of towers 3 and 4 cannot begin until the government (specifically, the Port Authority) completes the excavation and construction of the new slurry wall. Government schedules call for completion in mid-2008, and Silverstein has vowed to begin construction immediately thereafter. They also point out that any other developer who came in after would likely proceed more slowly because without insurance proceeds, they would have to borrow more money and raise equity that would require a substantial return on investment.

Bloomberg called on the Port Authority to commit to occupying one of the towers, while working to identify a developer for the other, so that all projects can proceed simultaneously at the same time. "If we immediately start building retail stores along with a commercial, residential, and hotel mix, Lower Manhattan will become one of the most energetic and exciting neighborhoods in New York."