Retailers Flock to Calatrava's $4B WTC Oculus
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]
