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The Clock Is Ticking on Ground Zero

NEW YORK CITY-As the Port Authority turns over control to SPI, disagreements arise as to the readiness of the site and the ability to complete the three proposed towers by 2014.

By Cody Lyon | Updated on August 25, 2009

NEW YORK CITY-The Port Authority of New York and New Jersey says it has turned over the site for Tower 2 at the World Trade Center site in Lower Manhattan to Silverstein Properties, Inc. According to the Port, Monday’s turnover completes its obligations under the 2006 Master Development Agreement, or MDA, since the agency already turned over the sites for Towers 3 and 4.

With that, the public agency will no longer have to pay SPI $300,000 a day for being late on its delivery of a ‘construction ready’ site. Just last week, at its monthly board meeting, where the Port announced it had awarded a $180 million contract to low bidder Tutor-Perini Corp., responding to GlobeSt.com’s inquiry, Port executive director Chris Ward says, “we’ve been aggressively pursuing the complete turnover of the three sites to Mr. Silverstein.” Ward adds “we expect to complete that full turnover in the next few days.”

When asked whether Ward thought Mr. Silverstein would accept the turnover, as well as Port’s assertion that once the turnover’s complete, SPI is then obligated to build its three towers by 2014 or lose its lease, Ward said “we are hopeful.”

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