WTC Developer Denies Funding Rumors

As New Yorkers continue deal with the lingering effects of the September 11, 2001 attacks (almost 4 and 1/2 years ago!), reconstruction of the World Trade Center site continues to be bogged down in controversy. Larry Silverstein, the developer of the New WTC site, has rebutted a claim made by NYC Mayor Bloomberg and Governor Pataki that he did not have enough money to finish the project, and that he would abandon a partially build structure, while pocketing a $500 million profit.

"That's totally inaccurate, totally inaccurate," said Silverstein. The New York Post is reporting that he is completely committed to the project, and that there will be enough funds to rebuild. Silverstein recently made comments that he will not leave the project until every bit of office space lost is rebuilt. Bloomberg wants Silverstein off a few of the buildings in order to create a mixture of retail, hotel and housing that he says is in greater demand. It would put up 700 apartments, but would reduce office space by an estimated 7%.

Posted by Charles Jurries on Sunday, February 12, 2006

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