World Trade Center deal reached

NEW YORK, Sept. 22 (UPI) -- The Port Authority of New York and New Jersey and the developer of the World Trade Center have reached an agreement on rebuilding the iconic site.

The pact divides development rights for the site's five planned towers between developer Larry Silverstein and the port authority, the Wall Street Journal reported Friday.

The authority will own the signature Freedom Tower, one other tower and a shopping mall, while Silverstein will build three office skyscrapers on the east side of the site.

Under terms of the agreement, Silverstein has until around the end of 2013 to build those three towers, or face losing the properties entirely.