Development 3 World Trade Center
preliminary site plans world trade center rebuild. by beginning of 2012, silverstein properties , port authority of new york , new jersey reached agreement build 3 world trade center 7 stories, unless tenants can found fund building. according march 2010 agreement between silverstein properties , port authority, silverstein properties must find tenants lease 400,000 square feet of building , must raise us$300 million in private financing in order receive additional funding. if silverstein properties meets triggers, port authority, city of new york, , new york state provide additional us$390 million towards tower s completion. silverstein properties needs provide financing remaining cost of tower before can completed. existing foundation of tower built entirely insurance proceeds, , until silverstein properties meets requirements. agreement implemented cash trap make sure public investments paid off before silverstein properties makes profits tower. the tower portion of 3 world trade ...