The Port Authority will provide approximately $825 million and Westfield will provide approximately $625 million toward the $1.5-billion retail project. The transaction is subject to completion of legal documentation, due diligence and required approvals. Plans for the retail premises currently include approximately 488,000 sf of gross leasable area spread across multiple levels, with the primary retail space located in the new transit terminal designed by Santiago Calatrava and at street level.
"We are excited to be back," notes Westfield Group managing director Peter Lowy in a prepared statement. "We always wanted to be a part of the revitalization of this historic site once the plans were finalized. With the Port Authority, we look forward to creating a world-class, iconic shopping destination for Lower Manhattan."
Prior to Sept. 11, Westfield had net leased the World Trade Center retail components, which consisted of 427,000 sf of space. Westfield originally acquired an interest in the retail facilities at the World Trade Center in July 2001. In December 2003, Westfield sold its interest in the World Trade Center retail premises to the Port Authority to help simplify the rebuilding process by avoiding the conflict between its commercial/lease rights and the interests of the public.
The World Trade Center retail is just one of several projects on the site that are either in construction or progressing through the planning stages. There are currently more than 600 construction workers and 100 pieces of heavy equipment on the site, and nearly every corner of the 16 acres is now under construction.
Major construction on 1 World Trade Center, the Freedom Tower began during the middle of 2006, after a milestone master redevelopment agreement that outlined new roles and responsibilities for the rebuilding. The tower's footings and foundations are nearly complete, and steel will begin to rise above street level during the first part of 2008.
Construction of the foundations for the World Trade Center Transportation Hub and Memorial also are under way. Major steel beams for both projects are scheduled to be erected during the upcoming year.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
