Real Estate Giants Considering Joining Forces to Develop WTC 5 – Commercial Observer

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The Empire State Development Corporation (ESD) released a request for proposals (RFP) for the site in June and has set an upcoming September 20th deadline for bids.

Silverstein Properties and Brookfield Properties, two of downtown’s biggest landlords, are considering partnering up on a proposal to develop one of the World Trade Center’s (WTC) last remaining vacant sites, according to sources familiar with the plan.

The firms are considering a joint bid to develop WTC Site 5, the sources said, though they declined to provide further details. The massive plot formerly housed the Deutsche Bank Building, which was heavily damaged in the September 11th terrorist attacks and ultimately torn down in 2007.

The site can accommodate up to 1.3 million square feet of mixed-use development, including as much as 1.1 million square feet of residential space, according to the RFP. The lot is currently zoned for commercial uses, including offices, an 800-key hotel, 150,000 square feet of convention space and 45,000 square feet of retail. Buildings could also reach up to 900 feet in height.

Several other major developers are also rumored to be submitting proposals for Site 5, including Durst Organization, Tishman Speyer, Vornado Realty Trust and Normandy Real Estate Partners, according to sources familiar with the process.

While Silverstein and Brookfield have operated …