"It's been implied that we aren't in any hurry to get this done," he during a Crain's New York conference in Manhattan yesterday. "Retail spending is going elsewhere, which stunts downtown's growth. That is unacceptable."
Ringler did not say what kind of retail the Port Authority or its consultant Jones Lang LaSalle are pursuing for the site or what firms could possibly develop the shops. But he did explain, in part, what the retail space would look like. Between towers 3 and 4, the retail will be in an enclosed pedestrian galleria, similar to the Winter Garden in the World Financial Center. The first phase of the World Trade Center site will have 200,000 sf of retail and the entire project could contain as much as one-million sf, Ringler said.
Virginia Pittarelli, executive managing director at Madison HGCD, told GlobeSt.com, "We need at least one, if not two, major department stores to really an anchor to what would be built down there." Nordstrom and Target are two possible tenants without a Manhattan presence that could be a good fit, she said. Other stores she mentioned as favorable potential tenants were the Esprit, the Gap concepts, Home Depot, Lowe's and Whole Foods. "You've got to fill all categories at all price points," she said.
Multi-level retail, similar to the Time Warner Center, would be the best format for the site's development, Pittarelli said. "The retail that exists down there is very scattered," she said of downtown. "By rebuilding this huge retail venue we're actually giving Lower Manhattan the retail synergy it deserves."
Sydney, Australia-based mall owner Westfield Group has the first right of refusal to develop the retail at the site. Westfield, which operated the 450,000-sf Westfield Shoppingtown World Trade Center, signed a 99-year lease on the mall six months before the Twin Towers were destroyed by the Sept. 11 terrorist attacks. In September 2003, the Port Authority purchased Westfield's net lease on the property for $140 million.
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