NEW YORK CITY—Governor Andrew Cuomo has approved over $1.6 billion in debt funding that will allow developer Silverstein Properties to complete Three World Trade Center. The bonds are being provided by the New York Liberty Development Corp.
"The World Trade Center is a reminder of the resilience and determination that defines us as New Yorkers, and today we are taking another step forward in rebuilding it for the future," says Governor Cuomo. "This funding is crucial to keeping the construction and development of 3 World Trade Center on track, and I look forward to seeing the project come to fruition."
Scheduled for completion in 2018, Three World Trade Center will stand 80 stories high and include 58 office floors with approximately 2.5 million square feet of overall office space. Additional funding will be provided through insurance proceeds and equity contributions by the project developer, World Trade Center LLC, an affiliate of Silverstein, as well as other financial assistance from the state, city, and the Port Authority of New York and New Jersey.
New York Liberty Development Corp. director Kenneth Adams says, "Today's approval of $1.6 billion in funding represents a major milestone for the World Trade Center site. Tower 3 is an essential component to revitalizing the downtown area and I thank the Governor, our directors and all of our partners, for their critical and ongoing leadership and support."
Adds Port Authority executive director Pat Foye, "Today's issuance of Liberty Bonds to finance the construction of 3 WTC brings us one important step closer to completing our mission of rebuilding the World Trade Center site and is consistent with the modification to the 2010 financing agreement approved by the Board of Commissioners in June."
The New York Liberty Development Corporation is a conduit issuer for all commercial Liberty Bonds issued on behalf of the state and the bonds must be repaid by the project developer.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
