Retailers Flock to Calatrava's $4B WTC Oculus

Photo credit: Silverstein Properties Inc.

The World Trade Center is adding another grand feature: the Westfield World Trade Center, a 465k SF retail complex in the skeleton-like marble Oculus structure slated to open in 2016.

About 100 stores, from Sephora to Michael Kors, will be housed in the underground and lower floors of 4 World Trade Center, and later 3 World Trade Center.

Real estate execs hope the new influx will redefine Lower Manhattan as a shopping destination. Potential retailer president London Jewelers Candy Udell says it will be the "epicenter" of the area. "People will be flocking there in droves," she says.

The area has long been regarded as "under-retailed," Jessica Lappin, president of the Alliance for Downtown New York, told the Wall Street Journal.

Luxury center Brookfield Place and a redeveloped South Street Seaport sandwich the new WTC shopping complex, adding to the revitalization of the neighborhood. 

The retail market downtown is also distinct, so that retailers can open up another location without fear of cannibalizing sales. And the foot traffic by just commuters will be unmatched.

CBRE's VP Andrew Goldberg thinks it's going to be "one of the most visited places," calling it a "showstopper." [WSJ]

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's National Newsletters
Related Stories

Wall Street Impatient For Big Tech Returns On Data Center Spending

As AI Adoption Ramps Up, Half A Million Property Managers Are In The Crosshairs

Treasuries Hover Around 4.7% As Wall Street Questions If Warsh Is A 'Dove In Hawk's Clothing'

Avison Young Had Assets Frozen By Bank Over Unpaid Taxes

Philly Retail Momentum Spills From Rittenhouse Into Northern Liberties

Camden Property Trust Sells West Coast Portfolio, Clears $1.5B Target

Churchill Downs Plans To Sell 9 Casinos, Focus On Horse Racing

Bringing Stability And Savings To CRE Insurance Through Working Layer

More Hotel Owners In Need Of Cash Are Getting It From The Big Brands

Forget Buildings, Retailers Are Leasing Environments

Former Arms Dealer Targeting Heartland Apartment Takeover Files For Bankruptcy

SEC Charges REIT, Its Founders With Alleged $152M Fraud Scheme