16 August

On August 16, 2016, Westfield World Trade Center officially opened in New York, marking a major milestone in the long redevelopment of the World Trade Center site after the September 11, 2001 attacks.

The opening was more than the launch of a shopping centre. It represented the return of large-scale retail activity to one of the world's most prominent commercial districts and became an important part of Lower Manhattan's wider urban and economic revival.

Westfield valued the overall World Trade Center retail project at about $1.5 billion, with around $1.2 billion worth of development opening on August 16.

The complex offered approximately 365,000 square feet of retail space and was designed to accommodate more than 100 stores, restaurants and other commercial outlets. It was closely integrated with the World Trade Center Transportation Hub and the iconic Oculus structure, allowing it to serve office workers, commuters, residents and tourists.

Before 9/11, the original World Trade Center was one of the world's major commercial centres, with nearly 10 million square feet of rentable office space and more than 430 businesses from 28 countries.

The attacks destroyed the towers and the underground retail complex, triggering one of the most complex urban redevelopment efforts in modern history.

By 2016, the new district was taking shape around One World Trade Center, the National September 11 Memorial, major transport infrastructure, retail facilities and new commercial development.

One World Trade Center had opened for business in November 2014, with Condé Nast as its major anchor tenant. Leasing continued gradually, and by the end of 2016 the Port Authority reported that about 69% of its leasable office space had been occupied.

The reopening of major retail facilities demonstrated that rebuilding the World Trade Center was not simply about replacing destroyed skyscrapers.

The wider project combined offices, retail, transportation, public spaces, tourism and cultural facilities, turning the site into a mixed-use urban district.

Estimates around that period placed the overall cost of rebuilding the World Trade Center site at roughly $14 billion to $16 billion, making it one of the most expensive and closely watched redevelopment projects in the world.

For the real estate industry, August 16, 2016 stands out as an example of how a devastated business district can be rebuilt through long-term investment, infrastructure and mixed-use development.

Nearly 15 years after 9/11, major retail activity returned to the World Trade Center site.

On this date, the opening of Westfield World Trade Center marked another major step in the commercial rebirth of Lower Manhattan.