Weak market could delay completion of WTC until 2013

12/15/2008 | Wall Street Journal, The

The recession could force the Port Authority of New York and New Jersey and private developer Larry Silverstein to delay construction of the World Trade Center until 2013. "We definitely have challenges on the commercial side of the project about timing and raising capital. Those are the things we are talking to Silverstein about," said Port Authority Chairman Anthony Coscia. Meanwhile, the economic recession has made it difficult to secure financing for office projects. Nevertheless, Silverstein has indicated that he will build the project despite obstacles in the market.

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