3WTC Moves Forward
30. October 2014
Image: RSHP, Team Macarie, courtesy of Silverstein Properties
Developer Larry Silverstein is moving ahead with the long-stagnant 3 World Trade Center, designed by British architect Richard Rogers, after selling tax-exempt bonds to finance the construction.
Bloomberg News is reporting, via Crain's New York Business, that Silverstein sold $1.6 billion of bonds, making it "the largest-ever unrated deal in the municipal market." Financial details of the transaction can be seen at Crain's, which says that "the 69-floor tower was delayed for more than a year after the Port Authority of New York & New Jersey, which owns the 16-acre World Trade Center site, balked at guaranteeing the debt while Mr. Silverstein waited for municipal borrowing costs to decline."
The news comes about a week after the first tenant moved into 4WTC, designed by Fumihiko Maki, and the announcement that Condé Nast will be moving into 1WTC next month; they will occupy a third of the 104-story tower. The anticipated completion date of 3WTC, which has been stuck at six floors since October 2013, is expected for 2018, 10 years after its groundbreaking.