WTC developer's NYC condo tower moving forward

Published on NewsOK Modified: May 15, 2013 at 10:17 am •  Published: May 15, 2013
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NEW YORK (AP) — World Trade Center developer Larry Silverstein's plan for a hotel-condo tower is moving forward after a London-based investment firm has agreed to provide a construction loan of $660 million.

Silverstein Properties Inc. announced the agreement Wednesday with Children's Investment Fund Management LLP.

Developer Larry Silverstein said construction on the 82-story superluxury tower will begin this fall and the building will open in 2016.

The 926-foot tower will be on the same block as the Woolworth Building and just a block and a half from the trade center.

It will include a 189-room Four Seasons Hotel. The Wall Street Journal reports that condos in the building are expected to sell for as much as $34 million for a penthouse.

Earlier plans for the property were shelved after the 2008 economic downturn.