Developer of World Trade Center site needs a bailout

[marmar]

WTC developer eyes gov't aid for buildings: Journal
By MarketWatch


TEL AVIV (MarketWatch) -- Larry Silverstein, the private investor who is developing three towers at the World Trade Center site, is seeking government financial help with at least two of the buildings, people familiar with the matter told The Wall Street Journal.

The Port Authority of New York and New Jersey, the government agency that owns the site, is considering helping to finance at least one of Silverstein's towers, these people told the paper.
In return, the PA - which itself faces budget constraints as it pursues transportation and infrastructure projects - would require concessions from Silverstein, including receiving some of the profits should the buildings succeed long-term, the paper reported.

The plan for the 16-acre site includes five skyscrapers, a memorial, a transit hub, a shopping mall and a performing-arts center, the Journal reported. Much of the development was expected to open from 2011 through 2013, but the opening dates are now uncertain, the Journal reported.

Silverstein had planned to finance his three buildings via insurance proceeds from the Sept. 11, 2001, attacks, government-subsidized bonds, and commitments from the Port Authority and from New York City to occupy some space, the Journal reported.

But in the current economic situation, raising money to build the office space has become nearly impossible, the Journal reported.


http://www.marketwatch.com/news/story/World-Trade-Center-site-developer/story.aspx?guid=%7BAB66F603%2D7A9A%2D41DE%2D9D22%2D89D6466CAAD8%7D

[rfranklin]

1. Whatever happened to private enterprise?

It seems that we now have a socialist system for the billionaires and a go fuck yourself system for everyone else.

[Deja Q]

Agreed. I don't think this is the type of socialism everyone wants.

So where can I make a claim? Hell, I'm not greedy, just give me $1 million. And I'll stimulate the economy far better than Divine Brown ever could!

Wait, who's she again? Oh well...

[TankLV]

9. Agreed. Not much more to add to that...

I thought REAL ESTATE speculation/development was the EPITOME of "private enterprise"...?!!!

If it's not "profitable" - then IT SHOULDN'T BE BUILT!!!

I'm sure there are cities all over the country that have been on the short stick of development in the past forty years who would just LOVE to have such government proped up development and don't get it...

[LakeSamish706]

2. If I'm not mistaken, didn't this guy collect 7 million in Insurance money for...

the destruction of the WTC's? Bailout, I would give him a Bailout alright, but he wouldn't like it one little bit.

[havocmom]

11. In TV interview a couple years back, he was lamenting that the WTC never reached earning potential

My, he is such a swell guy... let's give him what he wants, and maybe nothing else will implode?

[notesdev]

3. Good!

The proposed design is horrible. I hope never to see it in the New York City skyline.

[Stevenmarc]

4. Larry Silverstein is a total shyster

[malaise]

5. Let him get it from Bush

Cheney and St Rudy of 9/11

[Deja Q]

6. Dang. Usually the hookers get paid; they don't give money...

Wait, wrong sort of "Bush". Whoops!

[Sebastian Doyle]

7. If that fucking piece of shit gets one cent, I'm starting the revolution myself.

When somebody buys the rights to the WTC just in time to collect a huge insurance check on it, that somebody knew something ahead of time. As did his business partner who was previously employed by a certain foreign intelligence agency

Not one penny for that fucker. :grr:

[Poiuyt]

8. I think the whole idea of office buildings for a national memorial is just wrong

This is something that should not be commercialized. They should build a park, perhaps with some kind of monument in it.

[Gin]

10. the site has bad karma and I wouldn't want to work there (IMO)