(NEW YORK, NY)—
5 World Trade Center was left an unfinished piece after several conflicting issues as to what the new structure may be. A proposal initiated by The Lower Manhattan Development Corporation has called for a development of more than 1 million square feet but also has stern requirements such as; “ At least two high-rise development projects incomparable urban locations in the last ten years and at least two projects in the last seven years for which the Respondent or Respondent Team members acted as a developer and/or principal operator of buildings incorporating all proposed uses.”
The Lower Manhattan Development Corporation (LMDC) and Port Authority finally agreed to search for a developer for the unfinished project. According to Curbed, two major developers, Silverstein Properties and Brookfield Properties are considering a mutual bid for the project site. Silverstein currently owns 2,3,4, and 7 WTC. Silverstein has developed and managed over 40 million square feet of office, residential, hotel and retail property across New York City. Brookfield Properties ( well known for the luxury Brookfield Place) currently occupies 325 million square feet in commercial space, has managed 17,000+ apartments, and is currently undergoing 40 million square feet in construction.
The proposal granted by the LMDC stated that the deadline is on September 20th, and is calling to develop more than 1 million square feet.