Lower Manhattan skyline via Mike Druckenbrod - Flickr
Governor Andrew M. Cuomo has announced that the request for proposals to develop World Trade Center Site 5, also known as 130 Liberty Street, is now open. The request was jointly issued by Lower Manhattan Development Corporation (LMDC) and the Port Authority of New York and New Jersey, and calls for proposals of a development up to 1.345 million square feet and 900 feet high. The deadline is September 20, 2019.
World Trade Center Site 5 was the former home of Deutsche Bank. It suffered extensive damage in the attacks on September 11, 2001, and a deadly fire tore through the building in 2007. LMDC purchased the site in 2004, and completed deconstruction, abatement, and excavation in 2011. A commercial building was originally planned for the site, but the request for proposals allows both commercial and mixed-use proposals. If residential use is involved, the project must include on-site affordable units in compliance with the Mandatory Inclusionary Housing program.
“This project will create jobs, spur economic growth and bring us one step closer to completing Downtown's rebirth, reflecting New York's courage and determination in the face of this tragedy."– Governor Andrew M. Cuomo
The request for proposals represents an important step in rebuilding the World Trade Center site. One World Trade Center, the crown jewel and home of One World Observatory, is 83 percent leased. The recently opened Tower 3 is over 50 percent leased, and Tower 4 is fully leased. Another commercial building is planned for the Tower 2 site, and construction hinges on future market demand for an anchor tenant. Additionally, construction of the Ronald O. Perelman Performing Arts Center is underway.
The news also comes at an exciting time for the Financial District market. According to CityRealty listings, median neighborhood prices at $1.51 million for condos and $3,850/month for rentals. The sales launch at the recently converted One Wall Street is eagerly awaited; in the meantime, new buildings like 125 Greenwich Street, 77 Greenwich Street, 25 Park Row, and 130 William are attracting considerable attention and dollars. Moreover, a variety of cultural, artistic, culinary, athletic, and family events are scheduled for this summer at Brookfield Place and the Oculus, notably a new Smorgasburg outpost.
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