Port Authority taps Silverstein, Brookfield to build 5WTC

Developers bid beat out four other proposals

New York /
Feb.February 11, 2021 04:51 PM
Silverstein Properties’ Larry Silverstein and Brookfield’s Brian Kingston (Getty/Illustration by Kevin Rebong for The Real Deal)

Silverstein Properties’ Larry Silverstein and Brookfield’s Brian Kingston (Getty/Illustration by Kevin Rebong for The Real Deal)

One of the final undeveloped World Trade Center parcels will give rise to a residential skyscraper with more than 1,300 apartments.

The Port Authority of New York and New Jersey chose a vision for the site submitted by Silverstein Properties, Brookfield Properties, Omni New York and Dabar Development Partners, which calls for a 1.56 million-square-foot, mixed-use tower, Commercial Observer reported.

The project, designed by Kohn Pedersen Fox, is expected to feature 1,325 rental units, with approximately 330 set aside as affordable, as well as 190,000 square feet of office space, and 7,000 square feet of retail space.

Opting for a project that is mostly residential will require a change to the site’s General Project Plan, which called for an exclusively commercial development. The shift to residential comes as the city grapples with high office vacancy rates and as work remains stalled on Silverstein’s 2 World Trade Center. That project has been dormant since 21st Century Fox and News Corp. abandoned an agreement to anchor the tower in 2016.

Silverstein and Brookfield’s proposal beat out four other bids. Port Authority executive director Rick Cotton noted that all bidders were given the option to modify their proposals to reflect the realities of the pandemic but all “stayed with their pre-COVID bids.”

The board unanimously approved the proposal, but Todd Fine, founder of the Washington Street Historical Society, testified that community members weren’t given enough time ahead of Thursday’s vote to review the development.

“To build a luxury residential tower at 5 WTC represents a betrayal of the core principles proposed at the start of the post-Sept. 11 reconstruction,” Fine said.

The vote means the Port Authority will exclusively negotiate with Silverstein and Brookfield before finalizing the development agreement.

[CO] — Kathryn Brenzel





    Related Articles

    arrow_forward_ios
    HRI founder Aaron Carr and Virginia Attorney General Mark Herring (Facebook, Getty)
    Housing Rights probe pins voucher discrimination on VA landlords, brokers
    Housing Rights probe pins voucher discrimination on VA landlords, brokers
    Developers make big resi bet on Mott Haven
    Developers make big resi bet on Mott Haven
    Developers make big resi bet on Mott Haven
    Senator Chuck Schumer and 70 Prospect Park West (Google Maps, Getty)
    Schumer blasts Brooklyn landlord as NY pols vow to pass good cause eviction
    Schumer blasts Brooklyn landlord as NY pols vow to pass good cause eviction
    Prologis Chairman and CEO Hamid Moghadam (Getty, Prologis)
    Industrial space “effectively sold out” amid leasing frenzy, Prologis says
    Industrial space “effectively sold out” amid leasing frenzy, Prologis says
    Resurrection! Work resumes on stalled Clinton Hill residential project
    Resurrection! Work resumes on stalled Clinton Hill residential project
    Resurrection! Work resumes on stalled Clinton Hill residential project
    State Sen. Jabari Brisport and a rendering of 840 Atlantic Avenue (Getty, IMC Architecture, iStock)
    How a senator’s vampire politics hurt real estate — and NYC
    How a senator’s vampire politics hurt real estate — and NYC
    New law for immigrants seen as pointless for undocumented tenants
    New law for immigrants seen as little help for undocumented tenants
    New law for immigrants seen as little help for undocumented tenants
    Tavros' Dov Barnett and a rendering of the current proposal at 44-54 Ninth Avenue and 351-355 West 14th Street (Tavros, Renderings via BKSK)
    City orders Meatpacking office developer to dismantle, rebuild slouching façades
    City orders Meatpacking office developer to dismantle, rebuild slouching façades
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...