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NEW YORK - Australia's Westfield Group will jointly develop and operate a US$1.45 billion ($1.9 billion) retail project at the World Trade Centre, site of the September 11 attacks, after striking a deal with the agency that owns the land.
Westfield, the world's largest shopping mall owner, will contribute about US$625 million to build and run about 45,521sq m of new shops at Ground Zero.
The agency said it would provide US$825 million.
Westfield leased about 39,947sq m of retail space at the World Trade Centre before it was destroyed six years ago.
The Port Authority of New York said this would be the first new retail development to be built in lower Manhattan since the attacks.
"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," said New York Governor Eliot Spitzer.
The agency plans to spend US$8.4 billion over the next 10 years to rebuild the World Trade Centre.
The agency also approved its first toll and fare rise in seven years to help pay for its 10-year, US$30 billion capital programme, but reduced the planned fare increase for Path commuter trains in response to a commuter outcry.
The fare and toll increase will allow it to proceed with the capital plan which also includes US$3 billion to build a new Hudson River passenger rail tunnel, US$3.3 billion to modernise the Path rail system and US$4 billion for bridges and tunnels.
- REUTERS
