Posted Aug 1, 2011, 12:54 AM
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Join Date: Jul 2011
Location: Brooklyn new York
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More good WTC news
Last Updated: 3:35 AM, July 30, 2011
Posted: July 30, 2011
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Just weeks after Conde Nast, one of the world's top media companies, agreed to become the anchor tenant at 1 World Trade Center by renting a million square feet comes word of another critically important development in the rebirth of Lower Manhattan.
Westfield Group, the Australian-based builder and operator of major shopping malls worldwide, has forged a deal with the Port Authority to bring high-end shops and restaurants to the rebuilt area around Ground Zero.
As part of that effort, Westfield will contribute $612.5 million toward constructing 365,000 square feet of retail space, in return for a 50 percent stake in the development.
Given Westfield's proven track record, that sounds a like a good deal all around.
Indeed, it will mean a significant upgrade in the quality of the area's retail businesses that existed before the tragic events of 9/11 a decade ago.
The agreement still must be ratified by the PA board. But kudos to all, particularly Executive Director Chris Ward, who is making impressive strides toward creating a new reality at the World
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