Under an agreement with its contractor, Phoenix Constructors, the Port Authority will not pay an approximately $8 million to $14 million incentive payment for on time completion of the Tower 2 bathtub. According to a prepared statement, "the Port Authority will meet its obligations under the Master Development Agreement for the site, paying Silverstein Properties $300,000 a day, beginning July 1, until the fully completed Tower 2 bathtub is turned over."
World Trade Center Properties president Janno Lieber says in a prepared statement that "the Port Authority is making steady progress in constructing a new bathtub at the site of future World Trade Center Tower 2 at 200 Greenwich St. Everyone at Silverstein Properties is eager to start select work in July and looking forward to expanding over the entire Tower 2 site later this summer."
The Tower 2 bathtub excavation and construction project involves the removal of nearly 160,000 cubic yards of soil, 4,000 cubic yards of rock, and the excavation of new foundations far below street level. In Sept. 2006, the Port Authority Board of Commissioners agreed to take over development of 1 World Trade Center, the Freedom Tower and the Tower 5 site. Silverstein Properties is responsible for construction of Towers 2, 3 and 4.
Major construction on 1 World Trade Center, the Freedom Tower began in mid-2006. Steel began to rise above street level last month, marking significant construction progress on the tower. Construction of the foundations for the WTC Transportation Hub and Memorial are under way. Major steel beams for both projects are scheduled to be erected this year, according to a P.A. release.
Gov. Paterson is calling on the Port Authority to assess the WTC site reconstruction timeline and budget, demanding a "realistic and achievable schedule" by June 30th. In a letter sent to Chris Ward, the new executive director of the Port Authority, the Governor says that the rebuilding of the WTC site is critical to New York City, the State and the nation. "In the past two years the site has made progress--from a virtual complete stop to a burgeoning construction site. Yet despite the progress made so far, it has become clear that the overall project faces likely delays and cost overruns. In fact, recently the announcement came that the second consecutive deadline for the Port Authority to complete excavation work in the East Bathtub will be missed by a few weeks, with some schedule and cost impacts."
The Governor continues to say that public confidence in the ongoing reconstruction of the site is essential. "The rebuilding of the World Trade Center site must encompass clear and achievable timelines and budget goals that must be met at every step of the way."
The Governor asked that of the current schedules and cost estimates for reconstruction are not reliable and achievable, he would like "viable alternatives exist to get the project back on track or whether we need to alter our targets to meet the reality on the ground. Any new schedule must reflect an aggressive but realistic approach to completing these vitally important projects. This assessment should detail the current status, timeline and cost for each project on the site."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
