Developer Larry Silverstein must produce a financial plan proving he could build and insure 10 million square feet of offices at New York's World Trade Center site, the agency that owns the land told him in a letter.
The letter to the trade center leaseholder, written by Port Authority of New York and New Jersey Executive Director Joseph Seymour, says the agency "strongly believes these issues must be addressed by you to facilitate the construction of the Freedom Tower." In response, Silverstein wrote that he would do so.
Gov. George Pataki, in a speech last week, set July 4 for groundbreaking on the Freedom Tower, which would rise 1,776 feet above Ground Zero and become the world's tallest building.
The exchange of letters came after Silverstein and his lead investor, Lloyd Goldman, said they had no plans to cede the role of lead developer and that they would find the money to fulfill the obligations of Silverstein's 99-year lease. Silverstein had sought to rebuild the Trade Center mostly with $6.8 billion in insurance money he claimed for the Sept. 11 attacks. In a federal court battle, he lost 10 of 13 verdicts, limiting his potential recovery to $3.55 billion to $4.7 billion.
Seymour's letter is dated May 6, a day after Pataki's speech.
http://www.freep.com/money/business/tradecenter14e_20040514.htm
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