New York, NY —
The Port Authority is teaming up with a private company from Australia to create a shopping center at Ground Zero. WNYC's Matthew Schuerman reports:
REPORTER: The government agency approved a deal on Friday to build the $1.5 billion mall with The Westfield Group. It features an unusual financial arrangement. But while the two partners will equally split the profits from the mall, the Port Authority is actually providing more than half of the construction costs.
However, Westfield had a leg up in winning the bid, because it had run the shopping area at the twin towers before the September 11th attacks, and still had some rights to return.
The new retail will be spread out, both below ground and in the first four levels of office buildings along Church Street.
For WNYC, I'm Matthew Schuerman