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Larry Silverstein, WTC developer, seeks bailout
Mega-developer Larry Silverstein is going hat in hand to the Port Authority to help finance long-stalled projects at Ground Zero, according to a published report.
Under the plan, the agency would put up dough for one of the three office towers that Silverstein is developing at the site, which has languished in a series of costly delays since 9/11, possibly in exchange for a piece of the profits later on, according to the Wall Street Journal.
The skyscrapers will hold the fire exits and ventilation machinery for the planned $3.2 billion transit hub as well as the delivery ramps for the Freedom Tower, and must be finished beforehand.
Silverstein who is having trouble raising the $7 billion required to complete the project while being hamstrung with the site's $79 million a year lease reportedly is seeking cash for a second tower as well.
"We are continuing to discuss with Silverstein Properties how to best meet a changed market while ensuring that the World Trade Center site is rebuilt in the best public interest," a PA spokeswoman told the paper.
The developer could not be reached for comment, the paper said.
Source: 911Blogger.com | Paying Attention to 9/11 Related Alternative News
