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$1.78 billion approved for stalled 3 World Trade Center project

A New York state development agency has approved up to $1.78 billion in funding for the completion of the stalled 3 World Trade Center building.

3 World Trade Center Rendering of 3 World Trade Center, courtesy of Gov. Cuomo's office.

A New York state development agency has approved up to $1.78 billion in funding for the completion of the stalled 3 World Trade Center building in lower Manhattan.

The New York Liberty Development Corp approved the funding at a board meeting on Monday. The mandate includes over $1.6 billion in tax-exempt Liberty and Recovery Zone Bonds.

"The World Trade Center is a reminder of the resilience and determination that defines us as New Yorkers, and today we are taking another step forward in rebuilding it for the future," said Gov. Andrew Cuomo in a media release. "This funding is crucial to keeping the construction and development of 3 World Trade Center on track ... "

It was not clear exactly when the bonds will be sold. A spokesman for developer Larry Silverstein was not reachable for comment. Goldman Sachs is the lead underwriter for the sale.

Three World Trade Center is scheduled for completion in 2018 and is planned to be 80 stories. It will include 58 office floors with about 2.5 million square feet (232,000 square meters) of office space.

According to Cuomo's office, the approved bonds are the largest approved for rebuilding at the World Trade Center.

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