The Port Authority of New York and New Jersey Board of Commissioners and the Lower Manhattan Development Corporation Board have approved the recommendation of the selection committee for the Request for Proposals 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 USD 1.9 billion in economic output.
Located directly south of Liberty Park, the 33,000 square foot lot in the heart of the Financial District is accessible from more than a dozen subway lines and the PATH train system, making it an exceptional opportunity for new development in Lower Manhattan. This announcement furthers Governor Andrew M. Cuomo's efforts to strengthen New York's economy and continue Lower Manhattan's recovery from the September 11th attacks.
The site was previously home to the Deutsche Bank Building, which was extensively damaged in the 2001 World Trade Center attack. LMDC, a subsidiary of Empire State Development, purchased the site in 2004 and completed deconstruction, abatement and excavation in 2011 - work which was funded by a U.S. Department of Housing and Urban Development grant.
Savills' Capital Markets Group served as the financial advisor to the Port Authority for this transaction.