NY DAILY NEWS– The embattled developer of three towers at Ground Zero wants a bailout, a report says. In a desperate bid to complete the long-stalled towers, Larry Silverstein has reached out to the Port Authority for financial help, The Wall Street Journal reported Saturday.
Silverstein is requesting cash for at least two of the three planned office towers, sources told the paper. Anxious to see the project completed, the Port Authority is considering stepping in, but not without concessions, The Journal said.
Silverstein has less than $1 billion left from the $4.5 billion insurance settlement he got after the 2001 terror attacks, The Journal said. Sources say the Port Authority, which owns the site, might ask Silverstein for some of the profit from the buildings should they become moneymakers in the future.
A spokesman for Silverstein blamed delays on the Port Authority, but refused to disclose a possible deal. “Unfortunately, the Port Authority has been unable to meet its obligations to deliver construction-ready sites or to maintain agreed-upon schedules for critical aspects of the World Trade Center rebuilding,” spokesman Bud Perrone said.
The Port Authority confirmed talks were underway. “We are continuing to discuss with SPI [Silverstein Properties] how to best meet a changed market while ensuring the WTC site is rebuilt in the best public interest,” the agency said.
The fate of the skyscrapers at Ground Zero appeared bleak even before the economy spiraled down last year. Costly delays and infighting over the design of the 16-acre site have riddled the project for years.
The bulk of the sprawling and sacred complex, which includes five skyscrapers, a memorial, transit station, shopping mall and a performing arts center, was slated to open between 2011 and 2013.
Now, with Silverstein unable to raise enough cash, it looks increasingly unlikely that the majority of the project will be completed in time.
© NY DAILY NEWS, 2009
