Towers 3 and 4 to be constructed at WTC site

The New York Times reported the Port Authority, government officials and developer Larry A. Silverstein have agreed to a tentative settlement over the future development at the World Trade Center site. The agreement, reached Thursday,   would allow for construction of two new towers to proceed with up to $1.6 billion in public financing and subsidies.

World Trade Center Tower 4 (150 Greenwich Street) construction would continue to the 64^th floor as designed. It is expected to be completed  in 2013.

Under the agreement ,  if Silverstein was able to raise $300 million and lease approximately 400,000 square feet of space for World Trade Center Tower 3 (175 Greenwich Street), the city, the state and Port Authority would provide up to $600 million in financial assistance for the tower. However, if the financing and leasing  goals were not reached, the property would be built out to a five-story building  and  construction  of a tower could continue at a later date.

Plans for World Trade Center 2 (200 Greenwich) would be delayed indefinitely,  however the site would be built-out for future use.

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