As part of this luxury experience, the property will feature a concierge, valet parking and Deliv, a delivery service that can bring a shopper's bags to their home or hotel at a scheduled time. And with rent prices in the range of $350 to $500 per square foot, it's bringing the experience to its tenants for a discount compared to Fifth Avenue prices, which can top $2,600 per square foot between 49th and 60th streets, according to Cushman & Wakefield.
Brookfield Place has so far signed 80 percent of its approximately 40 fashion tenants, though it's only announced about 15 names. The firm plans to have all of its tenants secured by July, and is expecting to ring in more than $2,000 per square foot annually, Hogan said.
But Brookfield isn't the only developer making its mark on the downtown shopping scene. Set to open in second quarter 2015, Westfield Group is renovating the mall at the World Trade Center site—a project that will cost $20 billion in its entirety—only about a five minute walk from Brookfield's space.
Though Westfield has yet to announce names of the expected 150 tenants in its 365,000 square-foot-shopping area, it's expected to offer a mix of brands typically seen at a regional mall. Westfield did not respond to requests for comment.
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Just another short walk away, near Century 21's flagship discount store on Cortlandt Street and a nearby Urban Outfitters, Gap and fast-fashion store Zara just signed leases. There have also been reports that Saks will open an Off Fifth outlet store in the area, though the company did not respond to requests for comment.
Following the completion of these projects, consumers will be able to shop from the low- to the high-end in about the same time it would take them to stroll from one end of a regional mall to the other, Hogan said.
"We have the ingredients for a vibrant, growing 24/7 environment ready for a retail renaissance in lower Manhattan," Cushman & Wakefield wrote in a recent report.