The Port Authority of New York and New Jersey Board of Commissioners and the Lower Manhattan Development Corporation Board have selected a partnership led by Brookfield Properties and Silverstein Properties to enter into exclusive negotiations to develop a residential tower at the World Trade Center.
The proposal for the mixed-use building includes 1.2 million square feet of residential space or 1,325 residential rental units, of which 330 would be affordable. There will also be 190,000 square feet of office space.
The 33,000 square foot lot's location—directly south of Liberty Park and accessible from more than a dozen subway lines and the PATH train system-could spur new development in Lower Manhattan. One sign this is already happening: Construction resumed in late May on the Ronald O. Perelman Performing Arts Center which is projected to open in 2023.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
