Dive Brief:

• Another tower in the recreation of the World Trade Center in New York City will restart construction, its developer said, after he reached a deal with the Port Authority of New York and New Jersey to use some of the insurance money put into escrow after the 9/11 attacks destroyed the previous complex.
• The Port Authority will let Larry Silverstein draw $159 million to resume work on the 80-story tower, which was stalled at eight stories.
• Silverstein had wanted the authority to guarantee a $1.2 million loan for the project, and the authority board's vice-chairman supported that plan, but a vote was delayed at least twice this year because the plan had too much opposition.

Dive Insight:

Silverstein has a commitment from an ad agency, Group M, to take about a fifth of the building's space, though it's unclear if that is enough to convince lenders to cover the other $1 billion he needs. Group M has until next Tuesday to back out of the deal, but backers hope that getting money to resume work will forestall that.