Lower Manhattan Development Corporation

February 12, 2021

Plan for 900-foot tower with 1,325 rentals at 5 World Trade Center moves forward

Plans to build a 900-foot mixed-use tower with 1,325 units of housing at 5 World Trade Center are moving forward. The boards of the Port Authority of New York and New Jersey and the Lower Manhattan Development Corporation voted on Thursday to approve the recommendation of the selection committee for the proposal from Brookfield Properties, Silverstein Properties, Omni New York, and Dabar Development Partners. The site is the former location of the Deutsche Bank building which was damaged in the September 11 terrorist attacks and later demolished. The developer will now enter negotiations for a lease for the residential tower, expected to measure 1.56 million gross square feet.
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February 16, 2018

Plan for a performing arts space at the World Trade Center moves forward

The project to bring a performing arts center to the World Trade Center is finally back on track, almost 15 years after the idea was included in the original vision for rebuilding the area post-9/11. Gov. Andrew Cuomo announced on Thursday an agreement for a 99-year lease between the Port Authority and the World Trade Center Performing Arts Center Inc. (PAC) for $1 per year, paving the way for construction to begin. Named for the billionaire who gifted $75 million to the project, the Ronald O. Perelman Performing Arts Center will include 200,000 square feet of space, three halls and a rehearsal space, a restaurant and a gift shop. If everything moves smoothly, the center could open as soon as the 2020 or 2021 season.
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March 27, 2017

World Trade Center Performing Arts Center may be delayed again

It's been almost 13 years since Frank Gehry initially designed the Performing Arts Center at the World Trade Center (PACWTC). After his plans got shelved in late 2014 due to fundraising issues and construction delays on the transit hub below, it seemed like the last vacant site at the complex would forever remain that way. That is until this past fall when a $75 million gift from billionaire businessman and philanthropist Ronald O. Perelman brought the $243 million project back to life and made it possible to proceed with new designs. Despite this new optimism, it looks like the Center will be delayed yet again, as Crain's reports that unresolved issues between the Lower Manhattan Development Corp. and the Port Authority are setting things behind schedule, which could cost the project $100 million in federal funds.
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October 22, 2015

New, Cheaper Design for WTC Performing Arts Center to Be Revealed Soon

The Performing Arts Center at the World Trade Center has seen a lot of ups and downs since it was first conceived over a dozen years ago. The biggest shakeup occurred a year ago, when Frank Gehry's design for the center got dumped by officials, followed by the Lower Manhattan Development Corporation's decision earlier this year that the project should cost no more than $200 million, far less than the original estimates of $350 to $400 million. In July, LMDC funded a $500,000 study to explore how the "current conceptual design" could work within those cost restraints, and since then they've been working with a yet-unnamed architectural firm to reimagine the plan, according to the Wall Street Journal. The paper reports that "their latest take envisions a roughly 80,000-square-foot building, rising three to four stories aboveground, where new works of theater, dance, music and digital art would be produced."
More details ahead