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News
WTC rebuilding planned
September 14, 2001: 7:58 a.m. ET

Lease owner committed to project, though not exact replicas
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NEW YORK (CNNfn) - The developer who led the group that purchased the World Trade Center's 99-year lease in July 1999 for $3.2 billion from the Port Authority of New York and New Jersey, said he is committed to help rebuilding the center, according to a published report Friday.

New York-based Larry Silverstein told the Wall Street Journal, "It would be the tragedy of tragedies not to rebuild this part of New York." Silverstein said any rebuilding plans will wait until the grieving process is over. He also said four of his employees remain missing.

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Although Silverstein said he is ready to rebuild, he did say he is not committed to creating exact replicas of the towers, acknowledging tenants may be reluctant to relocate in such prominent buildings, according to the paper.

Once all of the missing are accounted for, Silverstein told the newspaper, he will concentrate on the insurance, lease and legal issues resulting from the attack. "It's going to take huge amounts of time to deal with the magnitude of the paper issues," he said, adding that the 99-year lease is insured against terrorism.

"The city is not dead and can't be allowed to die," Silverstein told the Journal. "We owe [rebuilding] to our children and to our grandchildren." graphic

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.