LMDC Realizes World Trade Center Master Site Plan with Purchase of Deutsche Bank Property

Lower Manhattan Development Corporation President Kevin M. Rampe joined New York State Governor George E. Pataki and former U.S. Senate Majority Leader George Mitchell to announce a resolution between Deutsche Bank and its insurers regarding the Deutsche Bank building located adjacent to the World Trade Center Site at 130 Liberty Street. The razing of the building and acquisition of the property paves way for the full implementation of Daniel Libeskind's Master Site Plan. The plan, which was announced last September, allows for truck security and bus parking locations to be below ground and off the World Trade Center site, as well as a serene setting for the World Trade Center Memorial.

The Deutsche Bank building received significant damage during the September 11th terrorist attacks when the collapse of the South Tower caused a 15-story gash. Under the agreement, LMDC will purchase the land for $90 million and pay for the demolition of the building. The demolition and clean-up will take approximately 5-7 months. The agreement caps the fee for LMDC at $45 million and requires the insurers to pay any additional costs. The agreement also ensures the community that demolition and site acquisition will be completed in a timely, sensitive, and environmentally friendly manner. (More »)



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