The Port Authority of New York and New Jersey Board of Commissioners and the Lower Manhattan Development Corporation Board (LMDC) voted to approve the recommendation of the selection committee for the Request for Proposals (RFP) to develop World Trade Center Site 5. A partnership led by Brookfield Properties and Silverstein Properties has been selected to enter into exclusive negotiations for a lease for the development of a residential tower on the World Trade Center Campus.
The proposal for the future 1.56 million gross square foot mixed-use building currently anticipates approximately 1.2 million square feet of residential space or 1,325 residential rental units – of which 25%, or approximately 330, would be permanently affordable. The building would also include approximately 190,000 square feet of office space.
Importantly, the building would have a 12,000 square foot community facility space, as well as 55,000 square feet of public amenity space and 7,000 square feet of retail. The development will be the first residential project on the World Trade Center Campus. The project is expected to generate more than 10,000 job years of work during construction, over 1,900 permanent jobs and fuel $1.9 billion in economic output.
“The Port Authority’s dedication to rebuilding the World Trade Center has helped restore Lower Manhattan and brought life back to the campus following the September 11th attacks. Today’s Board action to choose the development team for 5 WTC is the realization of a nearly two-decade long commitment to that work,” said Kevin O’Toole, Chairman, Port Authority of New York and New Jersey.
“The 5 WTC project is one of the region’s most-anticipated development opportunities, and we are pleased with the selection committee’s choice of Brookfield/Silverstein. The rise of this new mixed-use tower will bring the first residential property to the World Trade Center campus with 25 percent designated as permanently affordable,” said Jeff Lynford, Vice Chairman, Port Authority of New York and New Jersey.
From the NY Post:
"A developer has been tapped to build a 900-foot residential tower on one of the last undeveloped former World Trade Center sites, Port Authority officials said Thursday.
Developers Silverstein and Brookfield will now enter into negotiations with the Port and the state’s Lower Manhattan Development Corporation, which also endorsed the plan Thursday, to hammer out details for the 1.56 million-square-foot tower at 5 World Trade Center.
The proposed tower at 130-140 Liberty St. would replace the former Deutsche Bank building, which was damaged in the attacks of Sept. 11, 2001, and demolished after a fire in 2007.
Five World Trade is slated for 995 market-rate apartments and another 330 reserved as affordable housing, officials said.
Affordable housing units will be reserved for families making 50 percent of the area’s median income — the equivalent of $52,000 per year for a family of three, Port officials said.
“The Port Authority’s dedication to rebuilding the World Trade Center has helped restore Lower Manhattan and brought life back to the campus following the September 11th attacks,” Port Chairman Kevin O’Toole said in a statement.
“Today’s board action to choose the development team for 5 WTC is the realization of a nearly two-decade long commitment to that work.”
Officials now have six months to negotiate a 99-year lease with the developers, who will finance the project. Construction is expected to begin in 2023 and last five years, the Port said."
