Silverstein battles the Governor
New York property developer Larry Silverstein, who fought long and hard for extra payments from insurers for the destruction of the World Trade Centre towers, is now having trouble getting the replacement structure, the Freedom Tower, off the ground.
A dispute has broken out between property developers Silverstein Properties and New York Governor George Pataki over the date to begin building the 111-level tower.
Mr Silverstein leased the site six weeks before the attacks and has been committed to the rebuilding of the American landmark, but has so far failed to meet the schedule agreed with Mr Pataki, who wants building to begin before his term as governor ends.
Late last week Silverstein Properties was ordered to start building the $US2.3 billion ($3.1 billion) building next month or “move out of the way”.
Mr Silverstein says he will rebuild the entire $US7 billion ($9.5 billion) project, including five buildings and a September 11 memorial, but Mr Pataki is concerned he doesn’t have sufficient capital. The insurance payout for the destruction of the towers was only $US2.9 billion ($3.9 billion).