World Trade Center Tower 5

Infobox Skyscraper
building_name=World Trade Center Tower 5
"130 Liberty Street"


status=Proposed
groundbreaking=2009
est_completion=2011
use=Office
location=130 Liberty Street New York City, New York, United States
roof=743 ft (226 m) [ [http://archrecord.construction.com/news/daily/archives/070730wtc.asp Kohn Responds to WTC5 Criticisms | News | Architectural Record ] ]
floor_count=42
floor_area=1,300,000 square feet (120,770 m²)
architect=Kohn Pedersen Fox
developer=Port Authority of New York and New Jersey|

World Trade Center Tower 5, also referred to as 130 Liberty Street, is a proposed building to be located in New York City. It will be located on Site 5 of the new World Trade Center complex following the demolition of the Deutsche Bank Building. In June 2007, it was announced that financial service JPMorgan Chase planned to develop the building as a new J.P. Morgan Investment Bank world headquarters; however, JPMorgan's March 2008 acquisition of Bear Stearns has put the future of the 130 Liberty Street site in question, as the company is now planning to relocate its J.P. Morgan Investment Bank headquarters to 383 Madison Avenue.

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 convert|900|ft|m and up to convert|1500000|sqft|m2 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 the Freedom Tower 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 has been undergoing deconstruction 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 2100 for a construction of a 42-story building. [ [http://www.amny.com/news/local/am-wtc0622,0,6464804.story?coll=am-local-headlines JP Morgan releases WTC tower plans] ]

Future

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. This puts the future of World Trade Center Tower 5 in question. [cite web|url=http://www.nypost.com/seven/03182008/business/deals_downtown_domino_102500.htm|title=Deal's Downtown Domino|accessdate=2008-03-21|date=2008-03-18|last=Cuozzo|first=Steve|publisher=New York Post] If JPMorgan Chase does not agree to lease the building as the result of the acquisition, Tower 5 would likely not be constructed as planned. Instead, the 130 Liberty Street site may become home to a residential or mixed used tower.

Design

The building is being designed by Kohn Pedersen Fox. [ [http://www.nypost.com/seven/06222007/news/columnists/what_a_zero__columnists_steve_cuozzo.htm NY Post article] ] The current plan calls for a 42-story building with a seven floor cantilevered section starting at the 12th floor. This section of the building would house the JPMorgan Chase's large trading floors and rise above the new St. Nicholas Greek Orthodox Church. [ [http://www.nyobserver.com/2007/chase-tower-shadow-church NY Observer article] ]

ee also

* World Trade Center site
* World Trade Center Memorial
* List of tallest buildings in New York City

References