Agreement reached for WTC site build-out

Governor George Pataki, Governor Jon Corzine, and Mayor Michael Bloomberg announced Thursday a series of agreements between the Port Authority of New York and New Jersey and developer Larry Silverstein formalizing the conceptual framework for the World Trade Center site agreed upon by the two parties in April. The agreements, which redefine the terms of the lease signed by Silverstein just weeks before September 11, 2001, establish a timeline and long-term financial plan ensuring full build-out of the site and are expected to help expedite the entire redevelopment process.

Under the agreements, Silverstein Properties will develop Towers 2, 3, and 4, representing roughly 6.2 million square feet of office space, while the Port Authority will control the Freedom Tower and Tower 5 and retain the lease for the site's planned 490,000 square feet of retail space.

"This is an historic event that details a specific financial plan for this massive rebuilding project, commits to deadlines for various milestones, and moves us toward a swift completion date," Pataki said in a statement announcing the deal.

Bloomberg, too, highlighted the agreement's far-reaching implications. "Thanks to the hard work of all parties involved in this renegotiation, there is today far greater certainty that the entire WTC site will be rebuilt," he said in a statement.   Silverstein, pointing to multiple recent milestones achieved through partnership -- including WTC 7's opening, the start of foundation work for the Freedom Tower, and the unveiling of the designs for the other towers at the site -- expressed optimism for continued collaborative progress. "Today's agreement marks another major step forward," he said in a statement. "We need to keep building on this partnership so that together we can get the World Trade Center rebuilt."

Site construction on Towers 1 through 4, the retail, the Calatrava Transportation Hub and the World Trade Center Memorial is expected to be completed as early as 2012.