New York Gov. Kathy Hochul announced a deal between the state and developers to build 5 World Trade Center, which will be the sole residential property within the 16-acre redevelopment project in lower Manhattan.
The 900-foot-tall property will be constructed on the former location of the Deutsche Bank building at 130 Liberty St., which was severely damaged on 9/11. The development team comprised of Silverstein Properties, Omni NY, Dabar Development and Brookfield Properties are coordinating the project, which will include approximately 1,200 units of housing, with one-third of the units set aside with affordability levels ranging from 40% to 120% of the area median income. Furthermore, 20% of the affordable housing units will be offered to individuals who were living and working in lower Manhattan during the 9/11 attacks and in the immediate aftermath.
The new property will also include approximately 10,000 square feet of nonprofit community space to be occupied by the Educational Alliance, more than 190,000 square feet of commercial retail and office space, and a connection to the nearby Liberty Park.
“The resurgence of lower Manhattan after the 9/11 attacks is an only-in-America comeback story,” said Hochul. “With this project, we’re about to transform an old parking lot into new homes for thousands of New Yorkers — bringing new affordable housing and community spaces to this iconic neighborhood. It wasn’t easy to get to this point, but I’m committed to doing everything in my power to build more housing across New York.”
The state will provide about $60 million in funding for the project, with the Battery Park City Authority contributing $5 million. The Port Authority of New York and New Jersey, which built the original twin towers, are expected to provide funding as well.
