NEW YORK CITY-An 80-story skyscraper planned on the grounds of the 16-acre World Trade Center site may be significantly downsized. According to a report in Crain’s New York Business, developer Silverstein Properties could halt construction on Three World Trade Center and reduce the size of the building if a major office tenant is not found.
Sources told Crain’s that minor modifications have already made to the site to allow the building to be capped at the seventh floor, nearly 73 floors short of the building’s original proposed height. Retail is being considered for the seven-story structure, but the development could continue as planned if an office user is found before the tower is capped. The building was originally slated for completion in 2015.
The news comes six months after investment UBS AG ruled out a move to 3 WTC after receiving financial incentives from the state of Connecticut to keep their corporate headquarters in Stamford, CT.
Crain’s says the move to cap the tower also stems from a 2010 agreement between Silverstein and the Port Authority of New York & New Jersey, requiring that Silverstein pre-lease 400,000 square feet in tower two and line up $300 million of private equity and construction financing in order to qualify for debt guarantees from the Port, as well as the city and state.
To read the full Crain’s story, click here.
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