But by enticing luxury brands and a “haven for foodies,” Brookfield is confident that the development will cause retail rents in the building to double. Based upon the area’s affluent residential and business population, Friedrich predicts rents to climb to $80 to $100 per square foot. “As demonstrated by major tenant commitments by Goldman Sachs and the recently announced Conde Nast tenancy, this is transformational for our market not only from an office market standpoint, but also from a retail standpoint,” Friedrich said. “This is bringing a completely new demographic and workforce in this neighborhood,” describing that new services and conveniences will need to be added to serve the growing population.

On the dining side, six restaurants are planned for a total of 40,000 square feet, including a white-table-cloth restaurant, a steak house and four New York centric eateries, with price points across the board. The 25,000-square-foot marketplace will feature international fare, as well as farm-to-table style cuisine. A 30,000-square-foot, 600-seat dining terrace overlooking the Hudson River and New York Harbor is also planned.

Edward P. Hogan, national director of retail leasing for Brookfield, says approximately 35 tenants--including restaurants and retailers--are in the World Financial Center at the present time, some of which will stay and others will go, based upon the new construction. Current retail tenants include Gap, Banana Republic, Ann Taylor, Starbucks and Cosi.

Gayle M. Horowitz, president and CEO of the Battery Park City Authority, is welcoming the project to the ever-expanding neighborhood. Lower Manhattan is now home to over 60,000 residents, 66% of which are families. “These plans being shared with us today will make the already beautiful, energy-filled centerpiece of our neighborhood an even more stunning and vibrant space,” Horowitz said. “I am excited about the much-needed new options for shopping and dining that this new development will bring to our growing community.”