The Port Authority of New York and New Jersey said on Wednesday that they approved an agreement with developer Larry Silverstein to pay for the completion of the stalled 3 World Trade Center project. Silverstein will use more than $150 million in insurance to help build the World Trade Center Tower.
The new project was approved after many negotiations, according to the Associated Press.
Under a previous plan, the Port Authority would have guaranteed $1.2 billion in loans. The Port Authority owns the Trade Center site. On Wednesday, Port Authority board member Kenneth Lipper called the new agreement “excellent” for the Port Authority.
The current information is that Silverstein will raise the money from the private sector. Silverstein said that he will aim for building completion by early 2018. His tenant is the advertising company GroupM.
“We remain confident that we will nail down a construction financing package that will allow us to complete the project and create an ideal environment for GroupM employees and other dynamic, creative companies,” Silverstein said in a statement, according to Bloomberg.