Wednesday, June 25, 2014

80-Story Tower Gets Green Light from Port Authority

3 WTC Good to Go
The Port Authority of New York and New Jersey's board unanimously approved a plan today to help finance the construction of 3 World Trade Center by tapping $159 million in insurance proceeds from the Sept. 11 attacks.                         

The Port Authority's executive director, Pat Foye, said the money would allow construction on the 80-story, 2.5 million-square-foot tower to proceed as the building's developer, Silverstein Properties begins to raise $1.2 billion in the bond market to build the over $2 billion spire.

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