Instead of five imposing towers, the World Trade Center will now consist of two skyscrapers and two buildings no taller than five stories, according to a report.
The flagging economy, coupled with an ongoing battle between developer Larry Silverstein and the Port Authority, are driving the proposed changes, the Daily News reported Monday.
The proposal cuts available office space from 10 million square feet to 5 million, sources told the paper.
The Freedom Tower will still rise to 1,776 feet and the plans for the Memorial and its pools will not be affected, the News reported. But instead of two 79-story towers envisioned by Silverstein and the world class architects who designed the original plans, the Port Authority is seeking to build two four- to five-story buildings -- which it ingloriously calls "stumps."
As bank financing has become scarce, all parties returned to the bargaining table to figure out exactly who will do what. Mayor Bloomberg has invited all sides to a summit this week to kickstart the lagging process. The Silverstein camp reiterated its dedication to the project in a statement today.
"We remain committed to ... a stirring Memorial, a rebuilt transportation network, and replacement of the shops and soaring office towers," said World Trade Center Properties President Janno Lieber. "The Port Authority agreed to that plan, and has received more than $2 billion out of the rebuilding fund based on their promise to cooperate in executing that exact vision. Now, with 10,000 construction workers standing ready to get to work, there is absolutely no reason for turning our backs on the promises."
The latest proposal by the Port Authority, as described in the News, is a far cry from the Libeskind master plan:
- Tower 2, originally planned to stretch 79 stories, will be a 4- or 5-story stump.
- Strip Silverstein of his control of Tower 3, planned to rise 71 stories, and make it a stump like Tower 2.
- Underwrite approximately $1 billion in financing costs for Silverstein, but force him to surrender most of his fees and insurance proceeds for Tower 4.
- Ditch plans for Tower 5.
Early in the planning, Silverstein had the green light to construct five buildings and 10 million square feet at the site, but under political pressure a few years ago the developer agreed to scale it back and to make radical changes to the Freedom Tower.
The Port Authority would occupy Tower 4 and under the original plan would pay below-market rent. But Silverstein sources told the News that under the new agreement, the authority would be willing to increase its payments.
The Port Authority's revised plan for stump buildings will likely add new delays to the already stalled project. Just Friday, Assembly Speaker Sheldon Silver called the cost overruns and delays an "embarrassment to our city, our state and our nation."
Sources cited by the News said it could take up to two more years to redesign and reengineer the plans.
