Affordable housing announced for 5 World Trade Center

The state announced yesterday that they have chosen a developer for the former Deutsche Bank building — aka 5 World Trade Center — to build a 900-foot mixed-use tower to include the first residential properties at the trade center with 330 units designated as permanently affordable.

The RFP went to a partnership between Brookfield Properties and Silverstein Properties (along with Omni New York for the affordable housing piece and Dabar Development Partners for the MWBE piece), who together came up with a plan for the 1.56 million gross square feet: 1.2 million for residential space or 1,325 residential rental units – of which 25 percent would be affordable; 190,000 square feet of office space; a 12,000-square-foot community facility space; 55,000 square feet of public amenity space; and 7,000 square feet of retail.. The affordable housing units will be set at 50 percent of the area median income — the equivalent of $52,000 per year for a family of three.

Silverstein developed 3 and 4 WTC, and is currently working on 2 WTC.

The site is just south of Liberty Park, a 33,000-square-foot bordered by Cedar, Washington and Greenwich streets. LMDC purchased the damaged Deutche Bank building in 2004 and completed deconstruction, abatement and excavation in 2011 – work which was funded by a U.S. Department of Housing and Urban Development grant.

 

3 Comments

  1. I would love to here more. I love to live in a affordable place.

    • Keep an eye out for all the information in applying. In my experience with friends who have been successful one must have very good credit and be able to follow all financial expectations. Give it a try. Good luck.

  2. Where & when can we look for the application to be filled out?

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