Silverstein discusses WTC rebuilding with AREW.

Larry A. Silverstein, holder of the 99-year lease on the World Trade Center site who has been in the middle of the maelstrom with regard to who will pay for and control the reconstruction and what it will include, addressed a standing room only audience of more than 200 real estate professionals at the February luncheon of the Association of Real Estate Women (AREW) at the Harvard Club.

Silverstein, president and chief executive of Silverstein Properties Inc., who said signing the least for the World Trade Center site on July 26, 2001 was "his greatest rush," subsequently lost four colleagues in the Sept. 11 attacks. He began his address by saying, "We are living in extraordinary times. The shock and magnitude of this disaster has taken a brutal toll on the psyche."

Though he has received what he called a flood of calls and e-mails with the advisement to "rebuild, not a floor less than 110 and two towers," he feels that something contextual and less, lofty -- 59-65 stories -- is more appropriate in these times.

Ideally, Silverstein would like the opportunity to spend $7 billion to rebuild the World Trade Center site and is gearing up for litigation, centered upon a resolution of whether the attacks were one or two events. According to Silverstein, fact finding will be completed. between now and June 30, with a trial date set for Sept. 3. "Undoubtedly, there will be an appeal because of the huge amount of money involved," he said.

According to Silverstein, 7 World Trade Center, which he called "beautiful and a portal," will be the first structure to be rebuilt, with construction beginning in 2002 and completed in 2005. He anticipates rebuilding on the twin towers' site to begin in 2006 with a projected completion in 2010. With regard to whether the new WTC plan is one everyone will embrace, he replied rhetorically, "Can we satisfy the world? No."

Responding to an audience question about whether people will be willing to return to a site with bad associations, Silverstein made four points that he feels will serve as compelling incentives.

"The World Trade Center site will be better than it was," he stated, referring to street grading and putting the street grid back on such streets as Greenwich, Fulton and Courtland.

Secondly, Silverstein cited opportunities for improved and superior mass transit to lower Manhattan including the possibilities of extending the Second Avenue subway and Long Island Railroad into downtown. Based on building with no debt, Silverstein also plans to rent space at competitive, prices.

Finally, he discussed improvements to the quality of life in downtown including opportunities to house museums and performing arts groups as well as construct a community center for the 150,000 residents of the Financial District.

In discussing the form, size and expression of a memorial on the WTC site, Silverstein's personal view is to "reach out to the best America has to offer and have a juried decision." Silverstein previously went on record in The New York Times saying that "ground zero must and will have a real memorial, one that will honor and sanctify the memory of the thousands who perished in these catastrophic attacks" and agreed with the newspaper's view that a memorial "not be a footnote to a large development project."

The Downtown Redevelopment Corporation, and not Silverstein, will be responsible for determining the on-site memorial.

Rebuilding on the WTC site has "produced enormous emotional responses," said Silverstein, sharing that the overwhelming desire of New York is to rebuild and that survivors with loved ones there consider it hallowed ground."

"To them I can only say, in the end, that we need to do what's right for New York." With regard to the latter, Silverstein spoke of the importance of putting downtown's economic generator, including $47 billion in gross wages, back into the city.