Funds for rebuilding the World Trade Center site are running low, and key players in one of America's most momentous architectural projects are under increasing pressure to settle various disputes.
The site's leaseholder and the landowner have until Tuesday to reach agreement in their legal dispute with a money lender over insurance proceeds needed to help fulfil the ambitious designs of six world-renowned architects hired for the job.
A master plan by Polish-American Mr Daniel Libeskind, architect of the Jewish Museum in Berlin, sketched the world's tallest structure, a 1,776-foot (541-metre) spire called the "Freedom Tower," a memorial to the 2,792 victims and a transportation hub.
Hw wanted the height to symbolise US independence in 1776 and restore lower Manhattan's distinctive skyline - stripped away by the destruction of the twin towers in the September 11th attacks.
But the 16-acre complex's main lender, GMAC Commercial Mortgage Corp, last month sued leaseholder and developer Mr Larry Silverstein and the Port Authority of New York and New Jersey, the bi-state agency that owns the land.
It said Mr Silverstein and the agency were not putting aside enough of the insurance receipts to pay off $550 million in mortgage loans on four buildings, including the twin towers.
Insurers have put $1.9 billion into an escrow account controlled by GMAC, a unit of General Motors Corp. Mr Silverstein has already spent $600 million of that on architects, engineers and legal fees.
GMAC would like timely repayment on its loans rather than becoming tied up with contentious and protracted redevelopment of the site.
Three weeks ago, a judge asked GMAC to release $25 million to allow Mr Silverstein to pay rent due in October in the hope that all parties could settle before the next hearing October 21st. If they do not settle, there will be a trial. None of the parties would comment on any settlement talks.
Gov. George Pataki and other politicians are pushing all sides to reach agreements, fearing lengthy trials in the dispute and a separate battle over insurance payouts would delay plans to lay a cornerstone on the "Freedom Tower" next August.