Development of 5 World Trade Center has been approved by Gov. Kathy Hochul, following a vote by the Public Authorities Control Board, reports The Real Deal.
Originally planned as an office tower, the mixed-use skyscraper will now also include 1,200 rentals with one-third designated for low- to moderate-income New Yorkers and 9/11 survivors and first responders. It is the only residential component within the World Trade Center redevelopment. Local advocates pushed for 100 percent affordability at one point, but were unsuccessful.
“Today we’re taking an unprecedented step forward, reaffirming our commitment to a vital, vibrant Downtown Manhattan that understands that the vitality of this great city hinges on the ability to build more housing,” said Hochul during a press conference.
The 900-foot tower is being developed by Brookfield Properties, Silverstein Properties, Omni New York and Dabar Development Partners. Architectural design was helmed by Kohn Pedersen Fox and features a mix of glass and masonry on its facade.
Government funding for the development includes $40 million from the Hochul administration, $20 million from the state legislature, $5 million from the Battery Park City Authority and potentially more coming from the Port Authority.