Westfield to develop World Trade Center retail

    Westfield Group is to develop the retail element of the new World Trade Center in New York.   Westfield has signed a letter of intent to form a joint venture with the Port Authority of New York and New Jersey to develop the facilities, with Westfield responsible for management and leasing.   Westfield will invest $625m (£316m) of development costs at the Ground Zero site.   Plans for the retail premises includes 488,000 sq ft across multiple levels, and primary retail in a new transet terminal designed by Santiago Calatrava.   The joint venture is subject to the completion of legal documentation and due diligence.   Westfield originally bought an interest in the retail facilites at the WTC in July 2001, but sold its interest back to the Port Authority in December 2003 to simplify the rebuilding process.   Westfield Group managing director Peter Lowy said: “We are excited to be back. We always wanted to be a part of the revitalization of this historic site once the plans were finalized. With the Port Authority, we look forward to creating a world-class, iconic shopping destination for Lower Manhattan.”  helen.roxburgh@rbi.co.uk