The Port Authority will provide approximately $825 million andWestfield will provide approximately $625 million toward the$1.5-billion retail project. The transaction is subject tocompletion of legal documentation, due diligence and requiredapprovals. Plans for the retail premises currently includeapproximately 488,000 sf of gross leasable area spread acrossmultiple levels, with the primary retail space located in the newtransit terminal designed by Santiago Calatrava and at streetlevel.
"We are excited to be back," notes Westfield Group managingdirector Peter Lowy in a prepared statement. "We always wanted tobe a part of the revitalization of this historic site once theplans were finalized. With the Port Authority, we look forward tocreating a world-class, iconic shopping destination for LowerManhattan."
Prior to Sept. 11, Westfield had net leased the World TradeCenter retail components, which consisted of 427,000 sf of space.Westfield originally acquired an interest in the retail facilitiesat the World Trade Center in July 2001. In December 2003, Westfieldsold its interest in the World Trade Center retail premises to thePort Authority to help simplify the rebuilding process by avoidingthe conflict between its commercial/lease rights and the interestsof the public.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
