UPDATE: Silverstein Evaluates New WTC Proposal

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.”