HomeReal Estate NewsCommercialSilverstein, Brookfield secure winning bid to build 5 World Trade Tower

Silverstein, Brookfield secure winning bid to build 5 World Trade Tower

Silverstein Properties and Brookfield Properties were among a group of developers that won a bid to build a 1.56 million square foot mixed-used tower that will comprise residential, retail and office space at one of the World Trade Center’s few remaining sites, Commercial Observer reports.

The Port Authority of New York and New Jersey voted unanimously at its board meeting on February 11 to select the developers’ bid. The group will build the 900-foot tower at 5 World Trade Center and enter a 99-year ground lease. Silverstein, Brookfield, Omni and Debar beat out four other bidders to develop the site. The tower will comprise more than 1,300 rental units that will span over 1.2 million square feet. Approximately 25% of the units will be dedicated to affordable housing. The site will also have 190,000 square feet of office space, 55,000 square feet of public amenity space, 12,000 square feet of community space and 7,000 square feet for retail.

“The Port Authority’s dedication to rebuilding the World Trade Center has helped restore Lower Manhattan and brought life back to the campus following the September 11 attacks,” Port Authority of New York and New Jersey Chairman Kvein O’Toole said in a statement. “Today’s Board action to choose the development team for 5 WTC is the realization of a nearly two-decade long commitment to that work.”

“The 5 WTC project is one of the region’s most-anticipated development opportunities, and we are pleased with the selection committee’s choice of Brookfield/Silverstein,” Port Authority of New York and New Jersey Vice Chairman Jeff Lynford said. “The rise of this new mixed-use tower will bring the first residential property to the World Trade Center campus with 25 percent designated as permanently affordable.”

In 2019, the Durst Organization, Tishman Speyer, Vornado Realty Trust, RAL Companies and Normandy Real Estate Partners were among the companies that responded to the Empire State Development Corporation’s request for proposals, Commercial Observer reports. The Silverstein-Brookfield proposal would necessitate modifications to the site’s General Project Plan so the residential development portion of 5 WTC could be accommodated. Construction is slated to begin in 2023 and finish in 2028.

“Silverstein Properties has been intimately involved in the redevelopment of the World Trade Center since 9/11,” Silverstein Properties Chairman Larry Silverstein said in a statement. “It has been a long, challenging, but deeply fulfilling journey, and we are very proud of our contributions, as well as our excellent working relationships with the Governors of New York and New Jersey, the Port Authority, ESD, LMDC and other stakeholders. We are grateful to have been selected to co-develop 5 WTC along with Brookfield, Omni and Dabar.

“We look forward to developing a sustainable, energy efficient, healthy building with community facilities, sorely needed affordable housing, great architecture and first-class retail, office and rental housing that fits into the World Trade Center campus and the broader Downtown neighborhood. This announcement is a giant vote of confidence for Lower Manhattan.”

Lower Manhattan Development Corporation currently owns the 5 WTC land. It agreed to hand the site over to the Port Authority if a performing arts center was built next to One World Trade Center.

“5 World Trade Center represents an extraordinary opportunity to propel Lower Manhattan’s ongoing development as a vibrant, 24/7 community, and we are thrilled to be chosen to fulfill its promise,” Brookfield Property Group Managing Partner Ben Brown said in a statement. “With great attention to sustainability and design, and a deep commitment to affordability, we believe our plan will result in a fitting final piece of the WTC site that will benefit the Lower Manhattan community for decades to come. We want to thank Governor Cuomo, the Port Authority and LMDC for the opportunity, and we look forward to working with Silverstein Properties and Omni and Dabar, as well as the spectrum of local stakeholders, to make it happen.”

Joe Dyton can be reached at joed@fifthgenmedia.com.

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