THE PORT AUTHORITY OF NY & NJ

Press Release Article


PORT AUTHORITY BOARD AUTHORIZES CONSTRUCTION OF MAJOR WORLD TRADE CENTER RETAIL CONCOURSE

Date: Oct 18, 2012
Press Release Number: 139-2012

Board Action Allows Construction of Cortlandt Way Retail Space to Begin

A major street-level shopping concourse – envisioned as a way to revitalize the street life in Lower Manhattan – will take shape on the World Trade Center site’s Cortlandt Way following action by the Board of Commissioners.

The Port Authority Board of Commissioners approved at its monthly meeting today an $11.1 million construction contract with T.B. Penick & Sons Inc. to build Cortlandt Way. The street-level shopping concourse at the World Trade Center site will be a pedestrian walkway lined with retail space between Towers 3 and 4 and between Church and Greenwich Streets. Work is scheduled to begin later this year, and when complete, the corridor will feature approximately 16,000 square feet of retail space.

Earlier this year, the Board authorized a joint venture with the Westfield Group – a major, global property owner – to develop, lease and operate up to 450,000 square feet of shopping and dining space at the World Trade Center site, including Cortlandt Way. Under the agreement, Westfield will invest $612.5 million for a 50 percent share of the venture with the Port Authority.

In addition to Cortlandt Way, a major retail presence is planned for the World Trade Center Transportation Hub and in Towers 2, 3 and 4.

“Today’s action is another step toward fulfilling the Port Authority’s commitment to returning a world-class retail center to the World Trade Center,” said Port Authority Chairman David Samson. “The Cortlandt Way Concourse, along with other premiere retail space that is planned for the site, will provide an incomparable amenity for the residents of lower Manhattan and for millions of workers and visitors to the area.”

“The 450,000 square feet of retail we are building on Cortlandt Way and throughout the site exemplifies our efforts to partner with the private sector,” said Port Authority Vice Chairman Scott Rechler. “Ventures such as this one enable us to reduce the agency’s financial burden, deliver more projects faster, and generate needed revenue for our core transportation infrastructure.”

“Cortlandt Way will be a world-class shopping destination for residents of the local neighborhoods and for the millions of visitors who come to the World Trade Center site each year,” said Port Authority Executive Director Pat Foye. “It will continue the ongoing restoration of Lower Manhattan’s street life by providing a unique shopping experience in one of the most well-known locations in the world.”

“The World Trade Center will be more than a place to visit or work,” said Port Authority Deputy Executive Director Bill Baroni. “This will also be a first rate shopping venue in a premiere business location in the heart of a world-class city. This is another step we are taking to bring the vision of a vibrant, dynamic World Trade Center site into reality.”

The World Trade Center retail complex is slated to open in 2015.

CONTACT: Steve Coleman, 212-435-7777

Founded in 1921, the Port Authority of New York and New Jersey builds, operates, and maintains many of the most important transportation and trade infrastructure assets in the country. The agency’s network of aviation, ground, rail, and seaport facilities is among the busiest in the country, supports more than 550,000 regional jobs, and generates more than $23 billion in annual wages and $80 billion in annual economic activity. The Port Authority also owns and manages the 16-acre World Trade Center site, where construction crews are building the iconic One World Trade Center, which is now the tallest skyscraper in New York. The Port Authority receives no tax revenue from either the state of New York or New Jersey or from the City of New York. The agency relies on revenues generated by facility users, tolls, fees and rents as well as loans, bond financing, and federal grants to fund its operations. For more information, please visit http://www.panynj.gov.