The Port Authority of New York & New Jersey has decided to develop World Trade Center Tower 5 on Groundzero as a luxury hotel and residential building.

The earlier plan called for the Deustche Bank Building site to be sold to JP Morgan Chase, to be used as their investment banking headquarters. But the recession pulled the rug out from under this plan, and now, with JP Morgan not in the mix and New York’s financial firms all in deep trouble, the Port Authority apparently feels the need for a hotel complex.

WTC Tower 5 is located at 130 Liberty Street, on the site of the 41-story Deutsche Bank building, which was irreparably damaged by the terrorist attacks of September 11, 2001. 

This plan for a hotel is far from a done deal, since it was originally concieved in 2006, when the Port Authority assumed responsibility for construction of this tower, designed by A. Eugene Kohn  of the architectural firm of Kohn Pederson Fox. They later flipped in favor of commerical space, and now they’re flopping back to a hotel.

But end of the day, if it does actually work out, the WTC hotel (it doesn’t have a name yet) will be unquestionably one of the finest and most popular of New York hotels.

Related Links:-
Port Authority of New York & New Jersey
PA plans to make WTC Tower 5 into luxury hotel  (NYPost)
World Trade Center (official site)
World Trade Center Tower 5 (wikipedia)

Posted on May 18th, 2009 by PLing
Filed under: Hotels, New York