Silverstein to call a halt at 3 World Trade Center
Developer Larry Silverstein is planning to halt construction by the end of the year on the second of the two towers he is currently building at the World Trade Center site if he can't find a major office tenant, sources close to the company said.
Minor modifications have already been made to the ongoing construction of the tower that will allow it to be capped at the seventh floor—73 short of its planned height. Retail tenants would be sought for the seven-story podium.
If Mr. Silverstein finds a tenant before the tower is capped, he can go ahead and complete what will be known as 3 World Trade Center, although there might be some delays, depending on when the deal is struck. The building was slated to be completed in 2015.
Mr. Silverstein is not currently close to signing a tenant, sources said. The building's cap can be removed and construction can resume after he finds one. Mr. Silverstein's spokesman declined to comment.
Read more: http://www.crainsnewyork.com/article/20120122/REAL_ESTATE/301229973
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