NEW YORK CITY—Governor Andrew Cuomo has approved over $1.6billion in debt funding that will allow developer SilversteinProperties to complete Three World Trade Center. The bonds arebeing provided by the New York Liberty Development Corp.
"The World Trade Center is a reminder of the resilienceand determination that defines us as New Yorkers, and today we aretaking another step forward in rebuilding it for the future," saysGovernor Cuomo. "This funding is crucial to keeping theconstruction and development of 3 World Trade Center on track, andI look forward to seeing the project come to fruition."
Scheduled for completion in 2018, Three World Trade Centerwill stand 80 stories high and include 58 office floors withapproximately 2.5 million square feet of overall office space.Additional funding will be provided through insurance proceeds andequity contributions by the project developer, World Trade CenterLLC, an affiliate of Silverstein, as well as other financialassistance from the state, city, and the Port Authority of New Yorkand New Jersey.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
