Five World Trade Center
Encyclopedia
Five World Trade Center, 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 16 acres (6.5 ha) 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
.
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.
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. The company later abandoned plans to occupy a skyscraper on the 130 Liberty Street site. A proposal to convert the planned office tower on the 130 Liberty Street site into a residential or mixed use tower was explored instead.
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). 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.
It was proposed in July 2009 to move the planned construction site for the Performing Arts Center to the 130 Liberty Street location. 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. 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.
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.
On June 15, 2010, New York University had expressed interest in expanding to Tower 5 as part of its NYU 2031 program.
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.
. It called for a 42-story building with a seven floor cantilever
ed 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.
World Trade Center site
The World Trade Center site , also known as "Ground Zero" after the September 11 attacks, sits on in Lower Manhattan in New York City...
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 16 acres (6.5 ha) plot of land as the other four buildings. At one time, the building was planned for the former Deutsche Bank Building
Deutsche Bank Building
The Deutsche Bank Building was a skyscraper at 130 Liberty Street in New York City, United States, adjacent to the World Trade Center . Opened in 1974 as Bankers Trust Plaza, the building was acquired by Deutsche Bank when it acquired Bankers Trust in 1998. It was part of the skyline of Lower...
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
Bear Stearns
The Bear Stearns Companies, Inc. based in New York City, was a global investment bank and securities trading and brokerage, until its sale to JPMorgan Chase in 2008 during the global financial crisis and recession...
put those plans in doubt, given the company will relocate its J.P. Morgan Investment Bank headquarters to 383 Madison Avenue
383 Madison Avenue
383 Madison Avenue is an office building in New York City located on Madison Avenue between 46th and 47th Streets and owned by JP Morgan Chase. Designed by David Childs of Skidmore, Owings & Merrill LLP, it is 755 ft tall with 47 floors. It was completed in 2001 and opened in 2002, at...
.
History
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 900 feet (274.3 m) and up to 1500000 square feet (139,354.6 m²) of space. Negotiations over the World Trade Center site concluded in April 2006 with private developer Larry SilversteinLarry Silverstein
Larry A. Silverstein is an American businessman, and real estate investor and developer in New York City.Silverstein was born in Brooklyn, and became involved in real estate, together with his father, establishing Silverstein Properties...
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
Port Authority of New York and New Jersey
The Port Authority of New York and New Jersey is a bi-state port district, established in 1921 through an interstate compact, that runs most of the regional transportation infrastructure, including the bridges, tunnels, airports, and seaports, within the Port 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
Port Authority of New York and New Jersey
The Port Authority of New York and New Jersey is a bi-state port district, established in 1921 through an interstate compact, that runs most of the regional transportation infrastructure, including the bridges, tunnels, airports, and seaports, within the Port 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.
Future
Following JPMorgan Chase's acquisition of Bear StearnsBear Stearns
The Bear Stearns Companies, Inc. based in New York City, was a global investment bank and securities trading and brokerage, until its sale to JPMorgan Chase in 2008 during the global financial crisis and recession...
in March 2008, the company announced plans to use existing Bear Stearns headquarters at 383 Madison Avenue
383 Madison Avenue
383 Madison Avenue is an office building in New York City located on Madison Avenue between 46th and 47th Streets and owned by JP Morgan Chase. Designed by David Childs of Skidmore, Owings & Merrill LLP, it is 755 ft tall with 47 floors. It was completed in 2001 and opened in 2002, at...
as its new J.P. Morgan Investment Bank headquarters. The company later abandoned plans to occupy a skyscraper on the 130 Liberty Street site. A proposal to convert the planned office tower on the 130 Liberty Street site into a residential or mixed use tower was explored instead.
On May 11, 2009, it was announced that the Port Authority of New York and New Jersey
Port Authority of New York and New Jersey
The Port Authority of New York and New Jersey is a bi-state port district, established in 1921 through an interstate compact, that runs most of the regional transportation infrastructure, including the bridges, tunnels, airports, and seaports, within the Port 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). 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.
It was proposed in July 2009 to move the planned construction site for the Performing Arts Center to the 130 Liberty Street location. 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. 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.
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
World Trade Center (PATH station)
The World Trade Center PATH station originally opened on July 19, 1909 as the Hudson Terminal. When the Hudson Terminal was torn down to make way for the World Trade Center, a new station was built, which opened in 1971...
, and site infrastructure. Towers 2, 3, and 4 would continue to be developed by Silverstein Properties.
On June 15, 2010, New York University had expressed interest in expanding to Tower 5 as part of its NYU 2031 program.
On February 28, 2011, the Deutsche Bank Building
Deutsche Bank Building
The Deutsche Bank Building was a skyscraper at 130 Liberty Street in New York City, United States, adjacent to the World Trade Center . Opened in 1974 as Bankers Trust Plaza, the building was acquired by Deutsche Bank when it acquired Bankers Trust in 1998. It was part of the skyline of Lower...
demolition work was completed, and construction of another WTC project, the Vehicle Security Center & Bus Parking Facilities has begun.
Design
The tower was designed by Kohn Pedersen FoxKohn Pedersen Fox
Kohn Pedersen Fox Associates , an architectural firm responsible for several world-renowned buildings, provides architectural, interior and urban design as well as programming and master planning services for clients in both the public and private sectors...
. It called for a 42-story building with a seven floor cantilever
Cantilever
A cantilever is a beam anchored at only one end. The beam carries the load to the support where it is resisted by moment and shear stress. Cantilever construction allows for overhanging structures without external bracing. Cantilevers can also be constructed with trusses or slabs.This is in...
ed 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
St. Nicholas Greek Orthodox Church
St. Nicholas Greek Orthodox Church stood across Liberty Street from the South Tower of the World Trade Center in New York City, USA. It was completely destroyed in the September 11, 2001, attacks when the South Tower collapsed...
. Which will be rebuilt.
See also
- World Trade Center siteWorld Trade Center siteThe World Trade Center site , also known as "Ground Zero" after the September 11 attacks, sits on in Lower Manhattan in New York City...
- World Trade Center MemorialWorld Trade Center Memorial- Fundraising :The Foundation has fundraising responsibilities because of the tasks assigned to it by the Lower Manhattan Development Corporation...
- List of tallest buildings in New York City