3 World Trade Center

News / Press

WTC Owner Turns Over Land for 2 Towers

WTC Owner Turns Over Land for 2 Towers

Feb 19, 2008
By By: Associated Press | Associated Press

The World Trade Center site’s owner turned over land where two office towers are planned to a developer, clearing the way for construction to begin soon on more skyscrapers at ground zero.

The Port Authority of New York and New Jersey finished excavating the land for the towers on Sunday, 48 days behind a deadline it set for itself in an agreement with Larry Silverstein. The agency paid $14.4 million in late fees to the developer. It said it partially made up for the cost by not paying the contractor a $10 million bonus it would have received for finishing on time.

The Port Authority worked for more than a year to build 80-foot-deep foundations for two towers that Silverstein will build, removing nearly 400,000 tons of concrete, soil and rock. Silverstein had said that construction would begin on the towers within weeks after the land was turned over.

Silverstein held the lease to the trade center complex when it was destroyed on Sept. 11, 2001. The Port Authority renegotiated his lease in 2006, taking over the building of two of five planned office towers.

The agency agreed to excavate the eastern half of the lower Manhattan site for Silverstein’s towers by set deadlines or pay $300,000 in fines a day. It has until June to excavate space for a third tower.

The skyscrapers, all at least as tall as the Empire State Building, are expected to be built in the next four years. Construction is under way at the site on a 1,776-foot building called the Freedom Tower, a Sept. 11 memorial and a transit hub.


Terms of Use

Copyright License

Use of this Website is subject to the terms of this disclaimer and by using the Website, you agree to these terms. Silverstein Properties, Inc. ("Silverstein") publishes this Website solely for general informational purposes and nothing herein is intended to be an offer of property, or leasehold or goods or services or employment or a representation as to property, or leasehold or goods or services or employment that will be provided to any person. Silverstein obtains some of the information on the Website from third parties and makes reasonable efforts to provide accurate information on the website. However, it cannot guarantee its accuracy and under no circumstances will it be responsible for inaccuracies whether in material provided by Silverstein or obtained from third parties. The information contained herein may change without notice. The information contained herein will only be considered a representation of Silverstein if repeated in a final contract signed by an authorized Silverstein representative.


Silverstein Properties, Inc. grants to you a limited non-exclusive, non-transferable license to view, copy and print the material on this web site (other than the design or layout of this Website) for your non-commercial or personal use only. All copies that you make must retain all copyright and other notices that are on this Website. Otherwise, you may not use, distribute, sell, modify, transmit, revise, reverse engineer, republish, post or create derivative works of the material on this Website without Silverstein Properties, Inc.'s prior written permission in each instance.

© Silverstein Properties, Inc., all rights reserved except as expressly provided elsewhere on this Website.