JPMorgan Heads for Ground Zero

Bank gets $100M in incentives to build new skyscraper on WTC site
By J. Kelman,  Newser User
Posted Jun 14, 2007 9:05 AM CDT
JPMorgan Heads for Ground Zero
JP Morgan Chase Q2 Profit Triples   (Getty Images)

JPMorgan Chase has agreed to a $300 million dollar deal to develop and lease one of the five skyscrapers planned for the World Trade Center site, giving a big boost to the development effort at Ground Zero. The financial services giant's investment banking and trading divisions will migrate to the 50-story tower, scheduled to open its doors in 2013.

JPMorgan's agreement to design and build the structure, pending approval by the Port Authority, comes after a 2-month back-and-forth between the bank and city officials, the Times reports. Chase had threatened to move to Stamford, Conn., after the city's initial incentive package came up short. The final deal: tax breaks, rent incentives, and power discounts to the tune of $100 million. (Read more JPMorgan Chase stories.)

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