Long Beach : Funds for Trade Center
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Preparing for an early summer ground breaking of the World Trade Center, the Harbor Commission and the center’s developers have agreed to spend $500,000 each over three years to provide international trade promotion and education services to the center.
The port and the developers--IDM Corp. of Long Beach and Kajima Corp. of Japan--will spend that money as half partners in the newly formed, nonprofit World Trade Center Services Corp.
Completion of the $110-million first phase of the $550-million office and hotel project, a 27-story office tower, is expected by the third quarter of 1988. Construction of the second phase, a 600-room hotel, is scheduled to begin in January and be finished by late 1988.
The center will be built on 12.7 acres of port property at the junction of Ocean Boulevard and the Long Beach Freeway.
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