According to a joint statement from the Port, SPI, the Bloombergadministration and the states of New York and New Jersey, the planentails restoring the east side of the WTC site to at least streetlevel, completing SPI's Tower 4 by 2013 and phasing in thedeveloper's Towers 2 and 3 over time. All other projects, includingOne World Trade Center, the 9/11 Memorial, the WTC TransportationHub and other public infrastructure, will continue moving forward.The statement says the accord between the developer and the Portstrikes "an important balance between the redevelopment goals,financial risks and rewards between the public and privatesector."

About 60% of Tower 4, also known as 150 Greenwich St. andalready under construction, is being pre-leased to the Port andcity agencies. Under the proposed development plan, the Port wouldprovide a master lease for Tower 4, thus supporting the issuance ofSPI's Liberty Bonds to partly finance the 64-story property'sconstruction costs. SPI would reimburse any payments made by thePort under the master lease.

The plan calls for the immediate construction of Tower 3'sfive-story transit and retail podium. Building the office towerwould follow, provided SPI raises $300 million of privateunsupported equity, pre-leases 400,000 of the tower's planned 2.1million square feet and secures private financing for the remainingcost of the project.