New York -- In a continued effort to return the Port Authority of New York and New Jersey to its core mission, the Board of Commissioners today approved the sale of the agency’s remaining 50% joint venture in the World Trade Center retail project to the Westfield Group for $800 million.
The purchase involves approximately 365,000 sq. ft. of retail space at the World Trade Center Transportation Hub, including future bi-level retail offerings in the newly opened WTC West Concourse pedestrian corridor. Westfield also will have a major street level presence along Church Street, Cortland Way and Dey Street and above-grade in Tower 3 and Tower 4.
An additional 90,000 sq. ft. of retail space will be added for additional consideration when Tower 2 is developed in the future. The grand opening of the retail complex is expected to include a mix of 150 world-class brands and dining options when it opens in 2015.
The action comes a year and a half after the agency entered into a 50/50 joint venture with Westfield in May 2012, generating $612.5 million in private sector investment.
The Port Authority will retain ownership of the World Trade Center Transportation Hub, and will remain the contractor on behalf of Westfield to construct and deliver the retail space to its tenants.