News

Brookfield unveils plans for $250 million retail redevelopment

June 16, 2011

According to GlobeSt.com, Brookfield Office Properties rolled out a $250 million retail redevelopment plan for the World Financial Center site in New York City. The plan includes upscale fashion tenants, a European-style marketplace and waterfront dining.

The project's retail and public space totals approximately 200,000 square feet, and construction will begin in October, with plans for completion by 2013.

With the World Financial Center in close proximity to the Sept.11 Memorial site, the 10 million tourists that are expected to visit in the fall should supply the foot traffic needed to render the redevelopment a success.

“For all the positive attributes of the area, it is still very underserved when it comes to the retail arena,” said Dennis Friedrich, Brookfield’s president and chief investment officer. “There is no doubt that this area is a major retail growth district in New York City, and with the major changes we have planned, this is going to be an even greater area for New York.”

The West Street glass pavilion, which will be the centerpiece of the project, is slated to be designed by Pelli Clark Pelli and will connect to new mass transit at the World Trade Center Transportation Hub, as well as the MTA Fulton Street Transit Center and an underground pedestrian walkway.

Because of continuing negotiations, Brookfield has not revealed which tenants will be moving into the spaces. Some of the current tenants include Banana Republic, Gap and Ann Taylor.