When Westfield Corp. signed a deal in 2012 to create a glistening new shopping center in the belly of Santiago Calatrava’s $4 billion World Trade Center transit hub, co-CEO Peter Lowy promised that the Australian developer would sign world-class tenants and create a new standard for retail in the city.
“We’re going to do something that no one can imagine,” Lowy said.
But as the World Trade Center Mall buzzes with the sounds jackhammers and saws, at least four retailers have already walked away from their leases and a number of other shops won’t be open for business by mid-August.
Such a scenario would slice into Westfield’s profits during a critical stage of development and could give rise to the belief that the project won’t be a success. [more]