Port Authority Greenlights $1B Retail Venture For WTC

Law360, New York (February 9, 2012, 4:19 PM EST) -- The Port Authority of New York and New Jersey on Thursday approved a $1.2 billion 50-50 joint venture with Australian mall operator Westfield Group for the development of 450,000 square feet of retail space at the World Trade Center.

The deal, which is the largest private sector investment for the WTC development project to date, comes on the heels of an audit of the over-budget endeavor that suggested the Port Authority look to private third parties to mitigate costs.

In connection with the deal, Westfield will...
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