British architect says developer Silverstein must secure private financing

The British architect behind one of the four major skyscrapers planned at New York鈥檚 Ground Zero has described as a 鈥渃rying shame鈥 news that plans for the tower have stalled, a decade on from the 9/11 attacks.

Richard Paul, director at Rogers Stirk Harbour + Partners, was responding to developer Larry Silverstein鈥檚 admission that the firm鈥檚 long-delayed World Trade Center Tower 3 - the third tallest skyscraper on the World Trade Center site - will not be built above seven storeys without further private financing.

锘縒hat Larry needs to do now is really up the leasing on the site

Richard Paul, Rogers Stirk Harbour + Partners

The proposed 71-storey tower (right), boasting diagonal supports on its facade and topped with four spires, recently missed out on securing Swiss bank UBS as a major tenant, prompting developer Larry Silverstein to claim a lack of political leadership in Washington on tax and revenue policies was putting off tenants.

The Port Authority of New York and New Jersey owns the 6.5ha Ground Zero site and last year announced an agreement with Silverstein Properties to get the entire development - including the construction of Tower 3 - moving by 2015.

鈥淚t鈥檚 a crying shame that the current financial downturn we are all suffering through has resulted in such a problem getting major corporate tenants into the space,鈥 said Paul.

鈥淲hat Larry needs to do now is really up the leasing on the site to make sure we can keep the development of the tower going.

I know he, along with his team, are 100% behind this. There is an agreement with the port authority to get a certain percentage of the tower, around 400,000ft2, leased. Whether or not this can be achieved will be determined in part by the market. But one way or another, it鈥檚 very important that he [Silverstein] secures a tenant.鈥

In an interview with Reuters, Silverstein said: 鈥淥ne of the things that creates uncertainty is not knowing who the leadership is, where it鈥檚 coming from, what鈥檚 going to happen tomorrow.鈥