The New York Liberty Development Corporation, a local development corporation formed by New York Job Development Authority, has approved over $1.6 billion in bonds to ensure the construction and development of 3 World Trade Center in Lower Manhattan.
“The World Trade Center is a reminder of the resilience and determination that defines us as New Yorkers, and today we are taking another step forward in rebuilding it for the future,” said New York Governor Andrew Cuomo in a press release. “This funding is crucial to keeping the construction and development of 3 World Trade Center on track, and I look forward to seeing the project come to fruition.”
As Commercial Observer previously reported, the high-profile project experienced a significant standstill when its initial financing package was rejected.
When finished, 3 World Trade Center will have roughly 2.5 million square feet spread over its 80 stories. The building is scheduled to be completed in 2018.