wnyc.org / 93.9fm / am 820

The major players involved in the World Trade Center's reconstruction answered questions from state assemblymembers about why it's taking so long for buildings to rise at the site. WNYC's Arun Venugopal was there.

The hearings were held on the 25th floor of Tower 7, overlooking Ground Zero, and for Assembly Speaker Sheldon Silver, the emptiness of the 16-acre site below spoke volumes about the pace of development since September 11. However, Deputy Mayor Dan Doctoroff said that construction would begin soon and that a completion date of 2012 was almost certain for the whole site.

The hearings made it clear that no one knows how much rent will be generated at Ground Zero, and whether the towers will justify their cost, but developer Larry Silverstein said premium rates of $50 a square foot were realistic. Assemblyman Richard Brodsky suggested that with those kinds of rental rates it made little financial sense for government agencies to move in, as is the plan.

Silverstein asked the state to pressure insurance companies who were threatening to suspend future payments, but at least one such company, Swiss Re, said that it was on pace to meet its obligations.