The world's largest mall operator is signing a deal with the Port Authority to manage retail at the World Trade Center site.
The Sydney-based company Westfield said in a written statement that it would invest more than $600 million in the joint venture and assume responsibility for management and leasing of retail business.
Plans include about 365,000 square feet of leasable space on multiple levels, including the new transportation hub. The company anticipates an additional 90,000 square feet of retail space will be added when Two World Trade center is developed.
The initial phase of the development is expected to open in early 2015.
Westfield had an interest in the World Trade Center's retail outlets before the towers were destroyed a decade ago.
"We're excited about our partnership to rebuild the World Trade center retail," said joint CEO of the Westfield group Peter Lowy.
The company has 119 shopping malls across the U.S., Britain, Australia and New Zealand.
"It adds to the growing momentum, including the opening of the memorial on the 10th anniversary of the attacks, the recent lease with Conde Nast for 1 million square feet of space on One World Trade center and the agreement with Silverstein properties for construction on the eastern portion of the site," said Port Authority spokesman Steve Coleman.
The deal awaits approval by the Port Authority Board the fall.