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Template:Use mdy dates Template:For Template:Merge Template:Infobox building Template:New World Trade Center Five World Trade Center,[1] also referred to by its street address 130 Liberty Street, is a planned World Trade Center building in New York City. It will be located on Site 5 of the new World Trade Center complex, but not fully part of the main Template:Convert plot of land as the other four buildings. At one time, the building was planned for the former Deutsche Bank Building site. In June 2007, JPMorgan Chase announced plans to develop the building as a new J.P. Morgan Investment Bank world headquarters; however, JPMorgan's March 2008 acquisition of Bear Stearns put those plans in doubt, given the company will relocate its J.P. Morgan Investment Bank headquarters to 383 Madison Avenue.

HistoryEdit

Tower Five was expected to be designed for residential or mixed use in the original master plan for the complex. The building was to have a height limit of Template:Convert and up to Template:Convert of space. Negotiations over the World Trade Center site concluded in April 2006 with private developer Larry Silverstein yielding his right to develop on the site designated for One World Trade Center along with Tower Five to the Port Authority of New York and New Jersey in exchange for assistance in financing Towers Two, Three, and Four. The Deutsche Bank Building had been undergoing destruction since March 2007. Work along Liberty Street is currently preparing the northern quadrant of the site for development. On June 22, 2007 the Port Authority of New York and New Jersey announced that JPMorgan Chase will spend $290 million to lease the site until the year 2011 for construction of a 42-story building.[2]

Future Edit

Following JPMorgan Chase's acquisition of Bear Stearns in March 2008, the company announced plans to use existing Bear Stearns headquarters at 383 Madison Avenue as its new J.P. Morgan Investment Bank headquarters.[3] The company later abandoned plans to occupy a skyscraper on the 130 Liberty Street site.[4] A proposal to convert the planned office tower on the 130 Liberty Street site into a residential or mixed use tower was explored instead.[4]

On May 11, 2009, it was announced that the Port Authority of New York and New Jersey was seeking to cancel the construction of World Trade Center Tower 5 altogether as part of an overall plan to halve the amount of office space available in the fully reconstructed World Trade Center to 5 million square feet (465,000 m²).[5] The agency, citing the recession and disagreements with developer Larry Silverstein, also proposed the reduction of 200 Greenwich Street and 175 Greenwich Street to "stump" buildings of approximately four stories.[5]

It was proposed in July 2009 to move the planned construction site for the Performing Arts Center to the 130 Liberty Street location.[4] The Performing Arts Center was planned to be constructed near the center of the World Trade Center site as part of the National September 11 Memorial & Museum; at that location, however, the building's construction would not begin until 2015.[4] The proposal did not specify whether the Performing Arts Center would occupy the entire site, thereby ending plans for a fifth World Trade Center tower, or if the center would become integrated into a new mixed use skyscraper on the site.[4]

On March 25, 2010, the Port Authority announced that it had assumed responsibility for the development of the Five World Trade Center site, in addition to One World Trade Center, the National September 11 Memorial & Museum, the transportation hub, and site infrastructure. Towers 2, 3, and 4 would continue to be developed by Silverstein Properties.[6]

On June 15, 2010, New York University had expressed interest in expanding to Tower 5 as part of its NYU 2031 program.[7]

On February 28, 2011, the Deutsche Bank Building demolition work was completed, and construction of another WTC project, the Vehicle Security Center & Bus Parking Facilities has begun.[8]

DesignEdit

The tower was designed by Kohn Pedersen Fox.[9] It called for a 42-story building with a seven floor cantilevered section starting at the 12th floor. This section of the building would have housed the JPMorgan Chase's large trading floors and rise above the new St. Nicholas Greek Orthodox Church. Which will be rebuilt.[10]

See alsoEdit

ReferencesEdit

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