Plans for a residential tower on the site of the former Deutsche Bank building have hit a snag in the World Trade Center redevelopment. Originally intended to be the only residential project in the area, the tower at 5 World Trade Center will not proceed as planned.
Gov. Kathy Hochul’s office confirmed the cancellation of the original plan for the residential tower. However, she still envisions a vibrant mixed-use project at the site.
“While the current plan is no longer moving forward, the governor remains committed to ensuring this site delivers on what was promised,” stated Kristin Devoe, spokesperson for Gov. Hochul.
In the 25 years following September 11, the World Trade Center area has seen massive changes. Office skyscrapers, a museum, a performing arts center, a train hub, and a church have been established. Yet, south of One World Trade, past the September 11 memorial and park, lies a barren site—intended for the 5 World Trade Center.
Gov. Hochul had announced the project in 2023 with an expectation of quick construction, stating it was not “three, five years down the road.” As of now, three years later, the site remains enclosed by a fence bordering an asphalt lot.
The agencies controlling the site, including the Port Authority of New York and New Jersey and the Lower Manhattan Development Corporation, have privately acknowledged the halt in plans. Gov. Hochul’s office has also confirmed this setback.