Two major NYC developers may join forces on 5 World Trade Center
Silverstein Properties and Brookfield Properties are considering a joint bid
Back in June, the Lower Manhattan Development Corporation (LMDC) issued a request for proposals (RFP) for 5 World Trade Center, one of the last unfinished pieces of the World Trade Center site. Now, two NYC developers may be mulling a partnership to develop the site.
According to Commercial Observer, Silverstein Properties and Brookfield Properties are considering a joint bid for the site. Both developers are big Downtown Manhattan players: Silverstein already owns many of the WTC sites, including the also-unfinished 2 World Trade Center (which has struggled to find an anchor tenant), and the already completed 3, 4, and 7 WTC. Brookfield, meanwhile, owns Brookfield Place, the massive office and shopping complex across the street from the WTC site.
The LMDC RFP, which has a September 20th deadline, calls to develop more than 1 million square feet, to be used for commercial spaces or a residential building—both of which could rise up to 900 feet. But, as we previously reported, in order to build residential space, the state would have to amend the general project plan (GPP) that governs the WTC site, which is currently zoned by the city for commercial use. (However, the GPP overrides the city’s zoning code).
Other developers considering submitting a bid include Tishman Speyer, Normandy Real Estate Partners, Vornado Realty Trust, and Durst Organization, according to the Observer. The site was previously occupied by the Deutsche Bank building, which was torn down in 2007.