5 World Trade Center Tower

5 World Trade Center (also referred to as 130 Liberty Street) is a planned skyscraper at the World Trade Center in Lower Manhattan, New York City. The site is across Liberty Street, to the south of the main 16-acre (6.5 ha) World Trade Center site. As of June 2018, the project is on standby while the Port Authority explores a potential sale of the lot to a developer and looks for tenants to occupy the skyscraper. The proposed building shares its name with the original 5 World Trade Center, which was heavily damaged as a result of the collapse of the North Tower during the September 11 attacks and was later demolished. The Port Authority has no plans to construct a building at 130 Liberty Street, although it is open to future development of the site as office, retail, hotel, residential or some mix of those uses.

In June 2007, JPMorgan Chase announced plans to develop the building as the headquarters of its J.P. Morgan Investment Bank. However, JPMorgan Chase's acquisition of Bear Stearns in March 2008 put those plans in doubt, given the company will relocate J.P. Morgan to 383 Madison Avenue.

In June 2019, the Port Authority and Lower Manhattan Development Corporation agreed to a joint RFP for the site. Details about proposals for the site, or construction timelines have yet to emerge.

New building

Other elements Liberty Park National September 11 Memorial & Museum Performing Arts Center Transportation Hub Vehicular Security Center Westfield World Trade Center St. Nicholas Greek Orthodox Church

5 World Trade Center (5 WTC) was expected to be designed for residential or mixed use in the original master plan for the complex by Daniel Libeskind. The building was to have a height limit of no more than 900 feet (270 m) and up to 1,500,000 square feet (140,000 m²) of floor space. Negotiations over the World Trade Center site concluded in April 2006, with private developer Larry Silverstein yielding his right to develop on the site designated for One World Trade Center along with 5 World Trade Center to the Port Authority of New York and New Jersey in exchange for assistance in financing Towers 2, 3, and 4.

The Deutsche Bank Building began undergoing deconstruction in March 2007, which was finally completed by 2011. During this time, work along Liberty Street involved preparing the northern quadrant of the site for development. After site preparation work was done, construction began on the Vehicular Security Center and Liberty Park, which are both complete as of 2016.

On June 22, 2007, the Port Authority announced that JPMorgan Chase will spend $290 million to lease the site until 2011 for construction of a 42-story building. JPMorgan Chase would eventually back out of the deal, leaving the Port Authority with no plans to build the skyscraper.

In June 2019 a joint RFP was issued following a deal between Port Authority of New York and New Jersey and the Lower Manhattan Development Corporation with the agencies to split the proceeds. In November 2019 a possible partnership between Silverstein Properties and Brookfield Properties was reported to develop the site.

Construction history

Following JPMorgan Chase's acquisition of Bear Stearns in March 2008, the company announced plans to use Bear Stearns' existing headquarters at 383 Madison Avenue as its new headquarters for J.P. Morgan Investment Bank. The company abandoned plans to occupy a skyscraper at 130 Liberty Street. A proposal to convert the planned office tower into a residential or mixed-use tower was explored instead.

On May 1, 2008, deconstruction of the former Deutsche Bank building resumed.

On May 11, 2009, it was announced that the Port Authority was proposing to cancel the construction of 5 World Trade Center altogether as part of an overall plan to halve the amount of office space available in the fully reconstructed World Trade Center to 465,000 square metres (5,010,000 sq ft). The agency, citing the recession and disagreements with developer Larry Silverstein, also proposed the reduction of 200 Greenwich Street and 175 Greenwich Street to "stump" buildings of approximately four-stories. It was proposed in July 2009 to move the planned construction site for the Performing Arts Center to the 130 Liberty Street location, but these plans were later rejected. The Performing Arts Center was planned to be constructed near the center of the World Trade Center site as part of the National September 11 Memorial & Museum. At that location, construction would not begin until 2015. The proposal did not specify whether the Performing Arts Center would occupy the entire site, thereby ending plans for 5 World Trade Center, or if the center would become integrated into a new mixed-use skyscraper on the site.

On March 25, 2010, the Port Authority announced that it had assumed responsibility for the development of 5 World Trade Center, in addition to One World Trade Center, the National September 11 Memorial & Museum, the transportation hub, and other site infrastructure. Towers 2, 3, and 4 would continue to be developed by Silverstein Properties. On June 15, 2010, New York University had expressed interest in expanding to 5 World Trade Center as part of its NYU 2031 program. These plans were also eventually rejected.

On February 28, 2011, the deconstruction of the Deutsche Bank Building was completed, and construction of another World Trade Center project, the Vehicular Security Center and Tour Bus Parking Facilities began. Development of the site was officially given to the Port Authority of New York and New Jersey. On September 1, 2011, the Port Authority of New York and New Jersey began construction to incorporate the site into the new WTC development, acting as its developer.

On October 14, 2011, Governor Andrew Cuomo announced an agreement to rebuild the St. Nicholas Greek Orthodox Church in Liberty Park. The church would be located adjacent to the future Liberty Park, which would be built on top of the Vehicular Security Center.

On December 9, 2011, Phase 2 construction of the South bathtub, located on the site of 130 Liberty Street, continued with the excavation and concrete placement. By 2012, concrete placement and steel erection of the South Bathtub continued.

By May 10, 2013, the ground was prepared for construction. A walkway that is next to the site of 5 WTC, will be constructed into a supermarket. By 2014, the ground had been transformed into parking spaces for vehicles belonging to the Port Authority Police Department (PAPD). According to the agency, this usage of the site is only temporary.

Design

The original design for the tower was by Kohn Pedersen Fox, and called for a 42-story building with a seven-floor cantilevered section starting at the 12th floor. This section of the building would have housed JPMorgan Chase's large trading floors, rising above the St. Nicholas Greek Orthodox Church, and would be taller than 7 World Trade Center. As of September 2013, the Lower Manhattan Development Corporation and Port Authority were actively marketing the site, but had not released any information about the building.

In June 2018, YIMBY reported on a new design for the tower, after rendering was spotted on a fence surrounding the construction site, hinting an announcement from the Port Authority may be coming soon. According to the article, it is "a glassy building with a triangular motif reminiscent of the David Childs-designed 1 WTC. The depiction is roughly 70 stories in height, which could indicate yet another supertall is planned for the area."

Text imported from Wikipedia article "5 World Trade Center" and modified on June 3, 2020 according to the CC-BY-SA 4.0 International license.