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Westfield Group (ASX:WDC) will build a shopping centre in the newly developed World Trade Centre site.
The company announced today that it has agreed in principle with the Port Authority of New York and New Jersey on the commercial terms for a joint venture of the retail premises at the World Trade Centre site.
Westfield will invest US$612.5 million for a 50 per cent share in the venture, and plans for the retail premises includes 365,000 square feet of leasable space spread across multiple levels.
The first phase of the redevelopment is expected to open in early 2015.
Westfield Group (ASX:WDC) reported a profit of $1.12 billion in the second half of 2010.
