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WTC Development Site May Finally Come to Market
A years-long impasse between two state agencies over the sale of the final development parcel at the World Trade Center site has been resolved, Crain’s New York Business reported. The Port Authority of New York and New Jersey and the Lower Manhattan Development Corporation (LMDC) have reportedly reached a deal to release a request for proposals in the coming months for 5 World Trade Center, which could accommodate more than one million square feet of commercial or mixed-use development.
The site at the southernmost end of the WTC site formerly held 130 Liberty St., an office tower that was severely damaged on 9/11. The LMDC purchased the heavily-contaminated building and subsequently demolished it over a four-year period.
Both the Port Authority and LMDC are conducting separate appraisals of the site. If the assessments come within 10% of one another, then plans for an RFP can reportedly move forward.
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- ◦Development
