New York, NY —
The Port Authority is teaming up with a private developer from Australia to build a shopping center at Ground Zero.
The Westfield Group partnered with the Port Authority to build the the $1.4 billion complex. While the 2 groups will equally split the profits from the mall, the Port Authority is actually providing more than half of the construction costs.
However, the Port Authority expects the rents paid by retail stores in the mall will make up for the initial construction costs within a short amount of time.
The shopping complex will replace the mall underneath the twin towers destroyed in the September 11th attacks. The new retail will be spread out, both below ground and in the first four levels of office buildings along Church Street.