Silverstein Properties received the proposition late Wednesday. A spokesperson tells GlobeSt.com that the organization "will undertake a thorough review of the proposal." No timeframe was given for when a decision would be made, however Silverstein says he "welcomes the government's willingness to resume negotiations."
Aspects of the Port Authority plan include taking over the construction of the Freedom Tower and giving Silverstein the possibility of acquiring the retail aspect once buildout is completed. Silverstein could develop three additional towers. In one of those towers, government authorities would lease as much as one million sf of office space.
Earlier this year, New York State Gov. George Pataki had given Silverstein and the PA 90 days to resolve their differences and speed up the redevelopment process. The deadline passed on March 14 with negotiations breaking down.
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