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Retail Watch

In a week of dismal financial news and grim headlines for World Trade Center redevelopment and the Port Authority, here's one ray of light: the Port Authority board is set to approve its deal with Westfield Group for a 50 percent stake in WTC retail space. The agreement covers 365,000 square feet of retail, and another 90,000 square feet will be added to that once Tower 2 is done. In exchange, Westfield will hand over $612.5 million in stages as construction and leasing progress, plus another $37.5 million later on. Which makes the total of WTC funds needed still too high to calculate. [NYP]