Deal reached on World Trade Center rebuilding

March 25, 2010 10:00:31 AM PDT
World Trade Center developer Larry Silverstein and government agencies that control the trade center site have reached a deal to resolve a 16-month stalemate over rebuilding at ground zero. The agreement will allow four office towers to be built. It was expected to be formalized at Thursday's meeting of the Port Authority of New York and New Jersey.

Construction is under way on 1 World Trade Center, but other planned towers have been stalled in a dispute over financing.

Two people familiar with the negotiations said the dispute has been resolved in negotiations by Silverstein, the Port Authority and Mayor Michael Bloomberg.

They spoke on condition of anonymity because the deal had not been announced.

They said the deal will provide financing for two more towers besides 1 World Trade. A fourth may be built when the economy picks up.