Cornell Alums Play Prominent Role in Rebuilding of WTC Site
On Thursday, March 25th, Siverstein Properties presented the outline of a World Trade Center rebuilding plan to the Port Authority of New York and New Jersey. The proposed plan breaks a sixteen-month stalemate that revolved around the magnitude, timing, financing, and other aspects of redeveloping the site.
The agreement framework was created out of cooperation between Silverstein Properties, the Port Authority, New York City, and the States of New York and New Jersey. In a joint statement, it was announced that “The agreement strikes an important balance between the redevelopment goals, financial risks and rewards between the public and private sector. Further, the public mediators created private development benchmarks to protect public interests.”
According to people familiar with the matter, the new deal framework brought converging forces together, and is a major breakthrough and a catalyst for development. “I believe we now have a clear path to a full rebuilding that will deliver on the promises that have been made to New Yorkers” said John “Janno” Lieber, President, World Trade Center Proerties, LLC.
Mr. Lieber also discussed the challenge of rebuilding the site after 9/11, and of creating “…a dynamic mixed-use district at the heart of a new downtown…a green live-work neighborhood, served by the best mass transit and parks, and offering state-of-the-art high-tech office buildings that would attract world class companies, talent, and jobs that New York City needs for its future.”
Cornellians Robin Panovka, Partner, Wachtell, Lipton, Rosen & Katz, and David Worsley, Director of Construction for Silverstein Properties have both assumed key roles in the project. Mr. Panovka has been integrally involved in the redevelopment of the World Trade Center as counsel to the Silverstein development group since 2001. Mr. Worsley recently worked for Related Companies, where he oversaw the construction of the Time Warner Center, an award-winning 2.8 million square foot mixed use development located at Columbus Circle in New York City. According to Panovka, “David is the real deal; he is a brilliant construction executive, builder, and Cornell engineer, with unmatched expertise and credibility.”
The World Trade Center site was delayed by a redesign in 2005, and has faced numerous obstacles to development. The new agreement gives a much needed green light to the massively complex development of the site. According to a statement issued by World Trade Center Properties, LLC, the parties have a 120-day period to prepare a final agreement from the development plan and framework that has been agreed to. The Port Authority Board will vote on final approval during their monthly meeting in July.