NEW YORK CITY-Retail property owner, the Westfield Group, has entered into a letter of intent with the Port Authority of New York and New Jersey to reacquire an interest in the retail premises at the World Trade Center site. Under the terms of the transaction, Westfield and the Port Authority will form a JV to own the retail facilities, with Westfield responsible for management and leasing.

The Port Authority will provide approximately $825 million and Westfield will provide approximately $625 million toward the $1.5-billion retail project. The transaction is subject to completion of legal documentation, due diligence and required approvals. Plans for the retail premises currently include approximately 488,000 sf of gross leasable area spread across multiple levels, with the primary retail space located in the new transit terminal designed by Santiago Calatrava and at street level.

“We are excited to be back,” notes Westfield Group managing director Peter Lowy in a prepared statement. “We always wanted to be a part of the revitalization of this historic site once the plans were finalized. With the Port Authority, we look forward to creating a world-class, iconic shopping destination for Lower Manhattan.”

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