Luxury hotel and residential building could come to WTC

The Port Authority of New York and New Jersey is looking to develop Tower 5 at the World Trade Center as a luxury hotel and residential building, the New York Post reported. The Port Authority had earlier planned to sell the site to JP Morgan Chase, but sources told the Post that a luxury hotel and residential project seem like a better bet for the space than commercial use in this market. The Port Authority also proposed a residential project on the Tower 5 site in 2006, before the commercial market boomed.