The bi-state agency, which owns the site, said it is slated to finish excavations on the neighboring Tower 3 site in mid-February. The Port Authority missed its deadline of Jan. 1 to complete excavations on the two sites, and every day since, has owed Silverstein Properties $300,000 in penalties.

Press release below:

Statement By

Port Authority Regarding Completion of Tower 4 Bathtub at WTC

The Port Authority today announced that it has completed excavation and construction of the 1.4-acre Tower 4 site at the World Trade Center to make way for construction of 150 Greenwich, a new office tower designed by award-winning architect Fumihiko Maki. Demobilization and other final site preparation work is underway for that portion of the site.

The Port Authority is continuing to excavate the basement area for Tower 3 and expects to finish the job by mid-February consistent with the agency’s December 31 announcement. The excavation for the 1.6-acre Tower 3 parcel is as low as elevation 252 and needs to reach elevation 240.

The Tower 3 and 4 excavation and construction project involved the removal of nearly 300,000 tons of concrete, soil and rock in 12 months, and the excavation of new foundations to a depth of 80 feet below street level.

Under a master redevelopment agreement approved by the Port Authority Board of Commissioners in September 2006, the bistate agency agreed to take over development of 1 World Trade Center, the Freedom Tower and the Tower 5 site. Silverstein Properties is responsible for construction of Towers 2, 3 and 4.

Major construction on 1 World Trade Center, the Freedom Tower began in mid-2006. The tower's footings and foundations are nearly complete, and steel will begin to rise above street level this year.

Construction of the foundations for the World Trade Center Transportation Hub and Memorial also are under way. Major steel beams for both projects are scheduled to be erected during the upcoming year.