Groups Hope To Make WTC Tower Homes 100% Affordable

A proposed residential supertall at NYC’s World Trade Center (WTC) that would include 300 below-market value units is drawing opposition from groups that hope to change the project from 25% to 100% affordable, the Council on Tall Buildings and Urban Habitat, citing the New York Times, reported on November 8. The proposed 900-ft-tall, 80-story 5 World Trade Center project, in Lower Manhattan, is being designed by Kohn Pedersen Fox and would include 1,200 units, plus office, retail and community space. Because of supertall construction demands and regulatory and workforce requirements, construction of the project is estimated to cost US$1 million per residential unit. Developers Brookfield Properties and Silverstein Properties say that to make an additional 900 apartment units affordable — making the project completely below-market-rate — the project would require an additional US$500 million in government funding. That amount, they said, would fund 3,600 affordable units in a less-expensive market. The pro-affordable groups, however, say costs could be brought down through redesign and a mix of financing mechanisms. If the building becomes 100% affordable, it would be more than 100 m taller than the world’s current tallest affordable tower. Construction is targeted to begin in 2023.