clock menu more-arrow no yes mobile

Filed under:

3 World Trade Gets Crucial Financing To Rise With Confidence

New, 12 comments

The once-stalled 3 World Trade Center is making great strides in a short amount of time. The planned 80-story tower got a major boost late last year when Silverstein Properties signed media investment managers GroupM to be the anchor tenant. The deal opened up $1.3 billion in financing, but today the building received another round of crucial financing that finally closes the gap between reality and the building's lofty construction budget. Senator Chuck Schumer is announcing that he was able to secure $340 million in federal bonds—via something called the Recovery Zone Bond program. According to a release from the Downtown Alliance, special permission (called a "guidance") from the IRS is required to make sure the bonds could still be used this far past the legislation's passage. Per the release: "Without the guidance, these bonds would not be accessible, leaving a $340M gap in the financing and threatening to delay, or worse, stop the project completely." Schumer apparently made a personal call to treasury head Jack Lew in order to get the monies, and the guidance is getting issued today.

Currently 3WTC, designed by Richard Rogers, stands as a seven-story podium. Last we checked, its estimated completion date was 2017, but the official timeline says 2016. Now, perhaps, we'll see it start to rise at a faster clip.
· All 3 World Trade Center coverage [Curbed]
· Construction is (Probably) On at 3 WTC With New Anchor Tenant [Curbed]
· World Trade Center Redevelopment archive [Curbed]

3 World Trade Center

175 Greenwich St, New York, NY 10007