Los Angeles -- Westfield Group shopping center owner said in a statement that it has agreed in principle to joint-venture with the Port Authority of New York and New Jersey the new retail precinct at the site of the New York World Trade Center.
Westfield, upon completion of the deal, would manage and lease out the retail space expected to open in early 2015.
“After being initially involved in the World Trade Center prior to September 11, 2001, and working with the Port over the past 10 years, we are excited about our partnership to rebuild the World Trade Center retail,” Westfield joint CEO Peter Lowy said in a statement.
“We will be creating a world-class, iconic shopping experience for Lower Manhattan and the City of New York,” he said.
Westfield will invest $612.5 million for a 50% share in the joint venture. Westfield said it could invest up to a further $37.5 million on achieving agreed yield targets.
Plans for the retail premises include about 365,000 sq. ft. of leasable space. A further 90,000 sq. ft. may be added later.