Progress on the 5 World Trade Center (5WTC) project by KPF moves forward after a press conference announcement on July 27 from New York Governor Kathy Hochul. In an effort to build more affordable housing in Lower Manhattan, the news reported by The Real Deal states that the mixed-use skyscraper will also include 1,200 rentals "with one-third designated for low-to-moderate-income within the World Trade Center redevelopment."
In January 2022, Archinect reported on the project and its online petition for creating affordable housing options for 5 World Trade Center. Led by the New York Review of Architecture and Citygroup, the petition called for a "75% increase in the number of affordable units in the 900-foot 5 World Trade Center. The document, titled 100% Affordable, pressed developers to do away with the current plan, which designates 300 of the development’s 1,200 rental units for tenants earning less than 50 percent of the median income, in favor of a more progressive scheme that would prioritize 9/11 survivors and frontline workers."
While it's not the 100% affordability target put forward by local housing activists, The Real Deal reports critics of the idea expressed that "100 percent affordability in a building with such high construction costs would vacuum up subsidies that could provide far more affordable housing elsewhere."
Developed by Brookfield Properties, Silverstein Properties, Omni New York, and Dabar Development Partners, the 900-foot mixed-use tower is receiving government funding of $40 million from Governor Hochul's administration in addition to "$20 million from the state legislature, $5 million from the Battery Park City Authority and potentially more coming from the Port Authority," shares Urbanize New York.
Governor Hochul announced in her statement to the press, "[...] We’re taking an unprecedented step forward, reaffirming our commitment to a vital, vibrant Downtown Manhattan that understands that the vitality of this great city hinges on the ability to build more housing."
5 Comments
Does anyone know the rational for why $65M+ is being subsidized for a private tower development?
The government (Port Authority of NY & NJ) owns the land under the building. Also, the prevailing belief is that private enterprise cannot build affordable housing without government subsidy.
They could, if we put the bankers and developers on railroad tracks.
So the assumption is the subsidy is for public areas / amenities / infrastructure of the building? (or affordable units)
Yes, based on Gov. Hochul's statements, the government subsidy is why the affordable housing units are being included. How the architects plan the mix (or separation) of affordable and market rate program elements inside the building remains to be seen.
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