Search
 

UPDATE: Silverstein Evaluates New WTC Proposal

NEW YORK CITY-The ball is now in Larry Silverstein's court as his team is reviewing a proposal submitted by the Port Authority for the WTC redevelopment. One aspect calls for Silverstein to relinquish control of the Freedom Tower development.

By Barbara Jarvie | Updated on April 20, 2006

NEW YORK CITY-World Trade Center leaseholder Larry Silverstein is now evaluating a proposal submitted by the Port Authority of New York and New Jersey for the redevelopment of the World Trade Center site. The pair—the PA owns the site—have been battling over the issue for the past few months .

Silverstein Properties received the proposition late Wednesday. “After waiting more than 35 days for the government to finally develop and submit its own proposal, we intend to take the time necessary to analyze it,” says a Silverstein spokesperson. “There are significant new elements, which differ substantially from prior negotiations. For example, we are concerned by provisions that would allow the Port Authority to walk away at any time from now until September if it feels that the demands it has made of other government entities, and that are completely out of Silverstein’s control, are not being met.” No timeframe was given for when a decision would be made, however Silverstein says he “welcomes the government’s willingness to resume negotiations.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.