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World Trade Center Won’t Be Back ‘Til 2037

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Raychel
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« on: September 19, 2009, 05:08:33 am »

Seven civic groups, including the Regional Plan Association, the Fiscal Policy Institute and the Tri-State Transportation Campaign, called on the mayor and the governors to ensure “that no additional public funds are used to subsidize office construction on the site.” The funds are needed more, the groups said, for the new $3.2 billion transportation hub there and a new rail passenger tunnel under the Hudson River.

“These investments will support new commercial activity,” the civic groups said in a letter [pdf] to the officials, “but it is the responsibility of the private sector to absorb the risk of new construction.”

Unable to obtain financing for the towers, Mr. Silverstein has asked the Port Authority of New York and New Jersey to guarantee more than $3 billions in loans he needs to erect at least two of the towers, along Church Street, between Vesey and Liberty Streets. The authority, which is already building a large tower at the northwest corner of the site, balked. With office rents falling and vacancies rising downtown, it did not want to become involved with more speculative office space at a time when its own capital budget is threatened by sharply falling bridge and tunnel revenues.
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