The crucial moment has arrived for the highly anticipated 5 World Trade Center project. On June 21, the influential Public Authorities Control Board, an often overlooked but immensely powerful entity, will render its final decision in approving the development. Led by Brookfield Properties and Silverstein Properties, the project was selected by the Port Authority and the Lower Manhattan Development Corp. back in February 2021. While approval seems like a no-brainer, a small group of local activists and elected officials have emerged with concerns about the lack of affordable housing options, demanding nothing less than 100% affordability. Essentially, they are pushing for an unattainable goal that would cripple the project’s potential. The new 900-foot-tall skyscraper, masterfully designed by Kohn Pedersen Fox, will proudly rise at the location where the old Deutsche Bank tower once stood, nestled on the corner of Greenwich and Albany Streets, just south of the bustling World Trade Center hub. The grand structure will encompass 1.2 million square feet of residential spaces, 190,000 square feet of office areas, and a 12,000 square-foot community space operated by the esteemed nonprofit organization, the Educational Alliance. Additionally, 55,000 square feet of public space and 7,000 square feet of retail will be incorporated into the development, enriching the surrounding area. Silverstein Properties, the driving force behind the project, has made adjustments to address the critics’ concerns. Originally planned to include 25% affordable rental units, the developers have graciously increased that percentage to 30%, amounting to an impressive 360 out of the 1,325 apartments. The Public Authorities Control Board is comprised of five members, although only three possess voting rights. These three influential individuals are Elizabeth R. Fine, the representative of Governor Kathy Hochul, alongside state Assembly member Kenneth Zebrowski and State Senator Leroy Comrie, both representing the Democratic majorities in their respective bodies. As the final decision looms, a spokesperson for the developers seized the opportunity to portray the project as an unparalleled chance to tackle the housing crisis afflicting not only Lower Manhattan but the entire city.
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