Port Authority strikes deal with Westfield to bring retail to WTC 

July 29, 2011 08:48AM

The Port Authority of New York & New Jersey has come to a preliminary deal with mall operator the Westfield Group to bring retail to the World Trade Center site, according to the Wall Street Journal. Terms of the agreement, which would see Westfield contribute $612.5 million toward construction costs for 365,000 square feet of retail space in return for a 50 percent stake in the development, are still being finalized.

If the deal goes ahead, retail would be spread throughout the complex, with some stores lining multiple levels of the large, open transit hub. The lower floors of office towers along Greenwich Street would be stores and restaurants, and some would overlook the memorial, which is currently under construction.

The complex has a target opening date of 2015.

“We are excited to be moving forward in partnership for the World Trade Center retail,” Peter Lowy, Westfield’s chief executive, said in a statement. “We look forward to creating a world-class shopping experience for Lower Manhattan and the City of New York.” [WSJ]