900-foot residential tower OKed for 5 World Trade Center site



A developer has been tapped to build a 900-foot residential tower on one of the last undeveloped former World Trade Center sites, Port Authority officials said Thursday.

Developers Silverstein and Brookfield will now enter into negotiations with the Port and the state’s Lower Manhattan Development Corporation, which also endorsed the plan Thursday, to hammer out details for the 1.56 million-square-foot tower at 5 World Trade Center.

The proposed tower at 130-140 Liberty St. would replace the former Deutsche Bank building, which was damaged in the attacks of Sept. 11, 2001, and demolished after a fire in 2007.

Five World Trade is slated for 995 market-rate apartments and another 330 reserved as affordable housing, officials said.

Affordable housing units will be reserved for families making 50 percent of the area’s median income — the equivalent of $52,000 per year for a family of three, Port officials said.

“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 11th attacks,” Port Chairman Kevin 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.”

Officials now have six months to negotiate a 99-year lease with the developers, who will finance the project. Construction is expected to begin in 2023 and last five years, the Port said.

Silverstein Properties previously built the skyscrapers at World Trade Center sites three and four, and is also working on the tower at Two World Trade.


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