The boards of the Port Authority of New York & New Jersey and Lower Manhattan Development Corporation have approved the selection of Brookfield/Silverstein/Omni/Dabar to develop 5 World Trade Center, the location of the former Deutsche Bank building. The development team will now enter exclusive negotiations to finalise a detailed lease.

The new mixed-use tower will include the first residential properties at the World Trade Center campus

The building will have a gross area of 1.56 million square feet, including approximately 1.2 million square feet of residential space or 1,325 residential rental units. The building is also set to include approximately 190,000 square feet of office space.

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There will also be a 12,000-square-foot community space, as well as 55,000 square feet of public amenity space and 7,000 square feet of 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 11th attacks,” said Port Authority of New York & New Jersey chairman Kevin O’Toole. “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.”

Holly Leicht, chair of the Lower Manhattan Development Corporation, said: “With this project, the LMDC will fulfil a central goal of its creation: to complete the rebuilding of the World Trade Center site. This is the right capstone project for the campus, reinforcing Lower Manhattan as a live-work community and bringing much-needed affordable housing and a new community facility to the neighbourhood. We look forward to working with the development team and the residents of Lower Manhattan to make this project a reality.”

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