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Developers Battle Over Rights to Build at 5 World Trade Center

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L&L MAG and a partnership between Silverstein Properties and Brookfield Properties are the current contenders, each having sent in bids in September for 5 World Trade Center, a location that can reportedly accommodate a 900-foot tall tower and more than 1.3 million square feet of space. Photo Credit: newyorkyimby.com

By Clark Savage, Jr.

There is one site still available at the World Trade Center.
Who will get it?

L&L MAG and a partnership between Silverstein Properties and Brookfield Properties are the current contenders, each having sent in bids in September for 5 World Trade Center, a location that can reportedly accommodate a 900-foot tall tower and more than 1.3 million square feet of space.

“Whereas Silverstein Properties and Brookfield submitted a project that favors residential development on the site, L&L MAG pitched building an exclusively-commercial and community-oriented tower designed by the architecture firm Studio Gang,” reported Crain’s New York Business. “L&L MAG’s plan envisions a spire with high-end office space that would seek to look and feel distinct from the millions of square feet of competing office space at the World Trade Center site and feature a substantial component of community space in the base of the spire, which could be used for a prominent academic or medical use.”

Only a small piece of the commercial space would be required under the Silverstein and Brookfield proposal. “Its large residential component, which could amount to 1.1 million square feet under the guidelines set for the bid by the Port Authority, would be required to allot 25% to 30% of the apartment space for affordable housing,” Crain’s added.

Those familiar with the site know that it was once the site of the Deutsche Bank building, which was partly destroyed back on 9/11. New York State officials have been asking for proposals to construct a commercial building or a mixed-use project with residences for some time.

“Nearly eighteen years ago, New Yorkers vowed to rebuild lower Manhattan stronger than ever, and with the request for proposals now open for World Trade Center Site 5, we are continuing to make good on that promise,” Cuomo said in a statement a few months ago. “This project will create jobs, spur economic growth and bring us one step closer to completing Downtown’s rebirth …”

“The Deutsche Bank Building once stood on the site, but was severely damaged during the Sept. 11, 2001, attacks on the World Trade Center. The Lower Manhattan Development Corporation bought the parcel in 2004 and finished clearing and excavating it in 2011,” noted amny.com. “Now, the development corporation and Port Authority are looking to lease or sell the site and have it redeveloped into the fifth tower on the campus. Projects may span up to 1.345 million square feet total and include a hotel with up to 800 rooms, up to 150,000 square feet of convention space and up to 45,000 square feet of retail, according to the formal request for proposals.”

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