Construction of Freedom Tower on the Cards

Construction of the Freedom Tower - the name given to the planned centerpiece building of the new World Trade Center complex in New York City may begin soon, as the developer accepted terms of a new deal in which he agreed to give up the ownership of the project.

Developer Larry Silverstein who is known for being the developer and lessee of World Trade Center towers which were destroyed in the September 11, 2001 attacks, said on Tuesday that construction on the new tower could start as soon as the landowner, the Port Authority of New York and New Jersey (PANYNJ), formally sanctions the deal.

Freedom Tower, whose predecessors were destroyed in the Al-Qaeda led terrorist attacks of September 11, 2001 was initially scheduled to begin in mid-April, but was delayed due to disagreements between Silverstein and the Port Authority over construction and ownership of the 7.3 billion dollar project.

In the beginning Silverstein's top aide, Janno Lieber, said in spite of some tough terms, the developer had accepted the deal including a 1.75 billion dollar rent increase over the term of his lease, because "New Yorkers have waited long enough."

The real Estate investor and the head of Silverstein Properties Inc., signed a 99-year lease for the Twin Tower complex two months before the Sept. 11 hijacked airliner attacks that killed nearly 3,000 people.

He said the construction work of Freedom Tower could be further delayed by long waits for building permits, any court challenges, or conflicts with the construction of a Sept. 11 memorial and transit hub.

The tower will be located in the northwest corner of the 16 acre (65,000 m²) WTC site, bounded by Vesey Street, West Street, Washington Street and Fulton Street in lower Manhattan, New York City.

It would be one of the tallest buildings in the world and the height to the top of the spire is set to be 1776 feet (541 m) and which is a symbolic of the year (1776) the United States gained independence from Britain.