W.T.C. Silverstein Deal Nears Final Approval
Looks like the final deal with Larry Silverstein to redevelop the World Trade Center may not have been so hard to put together after all.
Following a rocky initial reception from some Port Authority commissioners, the bi-state agency’s board is now scheduled to meet tomorrow, with the expectation that it will approve the Silverstein deal, according to multiple people informed of the meeting.
The Port Authority owns the site and is giving hundreds of millions in direct subsidies and rent abatements to Mr. Silverstein to assist in building two of his towers there. The board had expressed concerns over the initial deal struck in March, feeling it was too generous to Mr. Silverstein on a number of points (such as development fees).
No official notice has gone out yet about the meeting, so things could still change, but for now, it appears the board is ready to approve the deal.