The Port Authority of New York and New Jersey voted to select developers Brookfield and Silverstein for the buildout on 5 World Trade Center that is slated to have the highest concentration of affordable housing units in one building in the city.
Under the Mandatory Inclusionary Housing requirement by the city, Port Authority plans to monetize the space at 130 Liberty St. with shovels in the ground in 2023.
But despite the pricy real estate putting the average area median income at 100,000 for the three family household, Port Authority will be requiring a minimum of $51,000 a year from potential tenants.
At the Feb. 11 commissioners meeting, Port Authority Executive Director Rick Cotton spoke of the $3 billion gap being driven into their finances by March 2022 by COVID-19 and the future need for cash flow in the coming years.
“The income limits are lower than is actually mandated by the current city program, so that the maximum income,” Cotton said.
This equals out to about 25% of the 1.56 million square foot project set aside for permanent affordable housing, according to Port Authority Chief Development Officer Derek Utter.
Just south of the reflecting pools, the site of 5 World Trade Center was a Deutsche Bank building that was damaged during the terrorist attacks on 9/11. After changing hands in 2004 and a fire in 2007, the building was completely demolished and the property was then transferred to the transit agency.
The new building is projected to be 900 feet tall, according to Utter, generating $2 billion in economic output and 10,000 jobs through construction and indirect work.
“This is a significant step towards completing the World Trade Center campus,” Utter said. “It will also contribute to regional economic recovery and provide major contracting opportunities for minority and women business enterprises, as well as those owned by disabled veterans. It’ll add permanent affordable housing to lower Manhattan, and it will deliver in a community facility and amenity space which I’ll highlight in a moment as well.”
Not only will the project be in close proximity to the Oculus, but will also but adjacent to the new St. Nicholas Greek Orthodox Church which replaced the previous structure destroyed on 9/11 and will offer residents about 12,000 square feet of community space will also be included in the buildout.
The last section of the campus to be developed will be 2 World Trade Center.