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.