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.