News

The Port Authority of New York and New Jersey and The Westfield Group have agreed to jointly develop and operate 488,000 square feet of retail at the World Trade Center site. The Port Authority will provide approximately $825 million, and Westfield will provide approximately $625 million toward the $1.45 billion retail project. Prior to Sept. 11, 2001, Westfield had net leased the World Trade Center retail components, which consisted of 427,000 square feet of space, which become one of the highest grossing shopping areas in the nation. In December, 2003, to accelerate the rebuilding at the World Trade Center site,…

Construction is set to begin on two new towers at the World Trade Center site in Lower Manhattan as the Port Authority, which owns the site, nears completion of basement excavations for the buildings, known as Towers 3 and 4. The Port Authority said it would complete the excavation of Tower 4 by the middle of this month, with basement work on Tower 3 (pictured) finishing up two to four weeks after that. The announcement paves the way for Silverstein Properties, the developer of the actual towers themselves, to ramp up procurement and preconstruction work in anticipation of beginning work…