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WESTFIELD will jointly develop and operate a $US1.45 billion ($1.65 billion) retail project at the World Trade Centre, site of the September 11 attacks, after striking a deal today with the owner of the land.

Westfield will contribute about $US625 million ($710 million) to build and run about 45,500 square metres of new shops at Ground Zero, the Port Authority of New York and New Jersey said today. The agency said it will provide $US825 million ($940 million).

Westfield leased about 40,000 square metres of retail space at the World Trade Centre before it was destroyed in the attacks.

The Port Authority said this will be the first new retail development to be built in lower Manhattan since the attack.

"This agreement will provide the business and residential communities in lower Manhattan with a major economic boost and create a further incentive to relocate downtown,'' New York governor Eliot Spitzer said.

The agency plans to spend $US8.4 billion ($9.5 billion) over the next 10 years to rebuild the World Trade Centre.