Proposed Building
Tower Five was expected to be designed for residential or mixed use in the original master plan for the complex. The building was to have a height limit of 900 feet (270 m) and up to 1,500,000 square feet (140,000 m2) of space. Negotiations over the World Trade Center site concluded in April 2006 with private developer Larry Silverstein yielding his right to develop on the site designated for One World Trade Center along with Tower Five to the Port Authority of New York and New Jersey in exchange for assistance in financing Towers Two, Three, and Four. The Deutsche Bank Building had been undergoing destruction since March 2007. Work along Liberty Street is currently preparing the northern quadrant of the site for development. On June 22, 2007 the Port Authority of New York and New Jersey announced that JPMorgan Chase will spend $290 million to lease the site until the year 2011 for construction of a 42-story building.
Read more about this topic: Five World Trade Center
Famous quotes containing the words proposed and/or building:
“There is no legislation—I care not what it is—tariff, railroads, corporations, or of a general political character, that all equals in importance the putting of our banking and currency system on the sound basis proposed in the National Monetary Commission plan.”
—William Howard Taft (1857–1930)
“Notice how he has numbered the blue veins
in my breast. Moreover there are ten freckles.
Now he goes left. Now he goes right.
He is building a city, a city of flesh.
He’s an industrialist.”
—Anne Sexton (1928–1974)