Under an agreement with its contractor, Phoenix Constructors,the Port Authority will not pay an approximately $8 million to $14million incentive payment for on time completion of the Tower 2bathtub. According to a prepared statement, "the Port Authoritywill meet its obligations under the Master Development Agreementfor the site, paying Silverstein Properties $300,000 a day,beginning July 1, until the fully completed Tower 2 bathtub isturned over."

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World Trade Center Properties president Janno Lieber says in aprepared statement that "the Port Authority is making steadyprogress in constructing a new bathtub at the site of future WorldTrade Center Tower 2 at 200 Greenwich St. Everyone at SilversteinProperties is eager to start select work in July and lookingforward to expanding over the entire Tower 2 site later thissummer."

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The Tower 2 bathtub excavation and construction project involvesthe removal of nearly 160,000 cubic yards of soil, 4,000 cubicyards of rock, and the excavation of new foundations far belowstreet level. In Sept. 2006, the Port Authority Board ofCommissioners agreed to take over development of 1 World TradeCenter, the Freedom Tower and the Tower 5 site. SilversteinProperties is responsible for construction of Towers 2, 3 and4.

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Major construction on 1 World Trade Center, the Freedom Towerbegan in mid-2006. Steel began to rise above street level lastmonth, marking significant construction progress on the tower.Construction of the foundations for the WTC Transportation Hub andMemorial are under way. Major steel beams for both projects arescheduled to be erected this year, according to a P.A. release.

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Gov. Paterson is calling on the Port Authority to assess the WTCsite reconstruction timeline and budget, demanding a "realistic andachievable schedule" by June 30th. In a letter sent to Chris Ward,the new executive director of the Port Authority, the Governor saysthat the rebuilding of the WTC site is critical to New York City,the State and the nation. "In the past two years the site has madeprogress--from a virtual complete stop to a burgeoning constructionsite. Yet despite the progress made so far, it has become clearthat the overall project faces likely delays and cost overruns. Infact, recently the announcement came that the second consecutivedeadline for the Port Authority to complete excavation work in theEast Bathtub will be missed by a few weeks, with some schedule andcost impacts."

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The Governor continues to say that public confidence in theongoing reconstruction of the site is essential. "The rebuilding ofthe World Trade Center site must encompass clear and achievabletimelines and budget goals that must be met at every step of theway."

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The Governor asked that of the current schedules and costestimates for reconstruction are not reliable and achievable, hewould like "viable alternatives exist to get the project back ontrack or whether we need to alter our targets to meet the realityon the ground. Any new schedule must reflect an aggressive butrealistic approach to completing these vitally important projects.This assessment should detail the current status, timeline and costfor each project on the site."

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Natalie Dolce

Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.