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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
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(Newser) – 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.

JP Morgan Chase Q2 Profit Triples
JP Morgan Chase Q2 Profit Triples   (Getty Images)
Co., the nation's third largest bank, on Wednesday, April 18, 2007 reported a 55 percent increase in first-quarter profit reflecting strength across most of its primary business lines, although it increased reserves to offset subprime mortgage losses. (AP Photo/Mark Lennihan, File)
Co., the nation's third largest bank, on Wednesday, April 18, 2007 reported a 55 percent increase in first-quarter profit reflecting strength across most of its primary business lines, although it increased...   (Associated Press)
P 500 companies to provide a full picture of executives' compensation - including stock options, bonuses and perks such as country club memberships. (AP Photo/Richard Drew, File)
P 500 companies to provide a full picture of executives' compensation - including stock options, bonuses and perks such as country club memberships. (AP Photo/Richard Drew, File)   (Associated Press)
A welder works on a steel beam at the World Trade Center site, Wednesday, May 30, 2007, in New York. The trade center, destroyed in the attacks of Sept. 11, 2001, will be anchored by the Freedom Tower, as well as three additional office towers, a memorial and a transportation...
A welder works on a steel beam at the World Trade Center site, Wednesday, May 30, 2007, in New York. The trade center, destroyed in the attacks of Sept. 11, 2001, will be anchored by the Freedom Tower,...   (Associated Press)
Construction cranes work over the Freedom Tower site at the World Trade Center, Wednesday, May 30, 2007, in New York. The trade center, destroyed in the attacks of Sept. 11, 2001, will be anchored by the Freedom Tower, as well as three additional office towers, a memorial and a transportation...
Construction cranes work over the Freedom Tower site at the World Trade Center, Wednesday, May 30, 2007, in New York. The trade center, destroyed in the attacks of Sept. 11, 2001, will be anchored by...   (Associated Press)
A construction crane lowers steel bars into place for the construction of the Freedom Tower foundations at the World Trade Center, Wednesday, May 30, 2007, in New York. The trade center, destroyed in the attacks of Sept. 11, 2001, will be anchored by the Freedom Tower, as well as three...
A construction crane lowers steel bars into place for the construction of the Freedom Tower foundations at the World Trade Center, Wednesday, May 30, 2007, in New York. The trade center, destroyed in...   (Associated Press)
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Ground Zero • World Trade Center • Lower Manhattan • Eliot Spitzer • skyscraper • James Dimon • JPMorgan Chase

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