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Proposals to be submitted for 5 World Trade Center

Julian Tineo | The Ticker

In June, the Lower Manhattan Development Corporation sent out a request for proposals for World Trade Center Site 5. LMDC purchased the site after the 9/11 attacks, which left the old Deutsche Bank building at the lot damaged. 

Companies that are expected to submit bids for the site by the Sept. 20 deadline include Tishman Speyer, Vornado Realty Trust, Durst Organization and Normandy Real Estate Partners. 

Two of the biggest downtown developers, Brookfield and Silverstein Properties, are considering teaming up on a bid to co-develop the site.

Brookfield and Silverstein have operated neighboring properties in Lower Manhattan for decades, but have never teamed up for a co-development. 

Both players, however, have a significant interest in sharing the site. Brookfield manages Brookfield Place, the complex containing mall and office space that neighbors the WTC. 

Silverstein has controlled the majority of the WTC sites, including 2 WTC which is still not finished, 3 WTC, 4 WTC and 7 WTC under a master with Port Authority signed after the 9/11 attacks. 

The Durst Organization also serves as a possible competitor for the site and they currently manage 1 WTC alongside Port Authority.

According to the Commercial Observer, the development can house a mixed-use project spanning more than 1 million square feet. 

The lot is currently zoned commercial, with plans including offices, a hotel, convention space and retail space. 

The development allows for buildings 900 feet in height. In order to build any residential units, the chosen developer will have to seek a zoning change and environmental review for the parcel.

Request for proposals finally came to the table after LMDC and Port Authority spent years trying to establish an agreed upon development plan. 

The two organizations agreed on plans in May. This marks another huge step in the re-development of downtown following the 9/11 attacks.

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