The redevelopment of Ground Zero will include a landmark retail facility.

Australia’s Westfield Group has entered into a joint venture with the Port Authority of New York and New Jersey to lead the US$1.45 billion (£74 million) retail development of Ground Zero.

Westfield, which is the largest retail property group in the world by equity market capitalization, said it will invest up to $625m in development costs.

Plans for the retail premises include approximately 488,000 square feet of GLA (rent per square foot of gross leasable area) spread across multiple levels, with the primary retail space located in the new transit terminal designed by Santiago Calatrava, and at street level.

Westfield Group Managing Director Peter Lowy commented on the venture: “We always wanted to be a part of the revitalisation of this historic site once the plans were finalized. With the Port Authority, we look forward to creating a world-class, iconic shopping destination for Lower Manhattan.”

As part of its global portfolio, Westfield has designed and developed award-winning shopping centres in landmark cities around the world. Its most recent retail icons include: Westfield Bondi Junction, Sydney, Australia; Westfield San Francisco Centre in San Francisco, US; and Westfield London, UK, which will open in autumn 2008.

The group currently employs over 4,000 staff worldwide, and has investment interests in 120 shopping centres in four countries, with a total value in excess of $53b.

By Natasha Piscitelli