New York State has given the green light to construct a 1200 housing unit, mixed-use skyscraper project at the historic World Trade Center site (WTC), officials said on Thursday. This remarkable skyscraper, the 5 World Trade Center, is set to soar 900 feet high. A third of the housing units will be designated as affordable housing, providing much-needed relief to those facing the challenges of skyrocketing living costs. This move aligns with the vision of transforming Manhattan’s traditionally office-centric districts, such as the Financial District and Midtown, into vibrant neighborhoods that cater to the needs of both residents and businesses.
Concerns were raised by the community about the housing unit skyscraper at WTC Site affordability aspect, with some advocating for all units on the site to be dedicated to affordable housing. However, through constructive dialogues between officials, developers, and community representatives, a compromise was reached, raising the commitment to affordable housing to an encouraging 33% from 25%.
Construction set to begin on 1200 housing unit skyscraper at WTC Site
Construction is set to begin next year on 1200 housing unit skyscraper at WTC site, Gov. Hochul said at a triumphant news conference. The 5 World Trade Center project marks the first-ever construction of housing on the iconic World Trade Center site. The affordable housing plan will reserve one-fifth of the affordable units for New Yorkers who lived and worked in lower Manhattan during the tragic events of the 9/11 terror attack.
The housing unit skyscraper undertaking is being led by a collaboration of developers including; Brookfield Properties, Silverstein Properties, Omni New York, and Dabar Development Partners. To support this crucial development, the state has demonstrated its commitment by pledging a substantial $60 million towards the project. Additionally, the Battery Park City Authority, a state-run public benefit corporation, has stepped up with a commendable promise of $5 million, as confirmed by the governor’s office.