[3] The proposed building shares its name with the original 5 World Trade Center, which was heavily damaged as a result of the collapse of the North Tower during the September 11 attacks and was later demolished.

In June 2019, the Port Authority and Lower Manhattan Development Corporation agreed to a joint request for proposal (RFP) for the site.

The largest Borders bookstore in New York City spread across three floors of 5 World Trade Center, on the corner of the building adjacent to the intersection of Church and Vesey Street.

In 1984, artist Joanna Gilman Hyde painted the 10,000-square-foot (930 m2) canvas titled "Self Organizing Galaxy" on the roof of 5 World Trade Center, a temporary art exhibit.

The building's structural integrity on its upper floors were partially compromised due to the impact of steel and other debris from the North Tower.

A section of the fuselage from United Airlines Flight 175 landed on the roof and a plane engine was found in the ninth floor cafeteria.

The Federal Emergency Management Agency (FEMA)/ASCE Building Performance Study Team found that some connections between the structural steel beams failed in the fire.

[13] In the months following the attacks, architects and urban planning experts held meetings and forums to discuss ideas for rebuilding the site.

[14] The architect Daniel Libeskind won a competition to design the master plan for the new World Trade Center in February 2003.

On June 22, 2007, the Port Authority announced that JPMorgan Chase would spend $290 million to lease the site until 2011 for construction of a 42-story building.

[40] Later that year, New York University had expressed interest in expanding to 5 World Trade Center as part of its NYU 2031 program.

[44][45] Governor Andrew Cuomo signed an agreement in October 2011 to rebuild the St. Nicholas Greek Orthodox Church in Liberty Park.

[47] That December, Phase 2 construction of the South bathtub, located on the site of 130 Liberty Street, continued with the excavation and concrete placement.

In June 2019, a joint RFP was issued following a deal between Port Authority of New York and New Jersey and the Lower Manhattan Development Corporation with the agencies to split the proceeds.

[50][51] Members of the coalition wished for the tower to be composed entirely of affordable housing to accommodate first responders and survivors of the September 11 attacks.

[50][51] The Public Authorities Control Board approved plans for the building in July 2023; the proposal included 1,200 residences, of which 400 would be affordable housing units.

[53][54] Twenty percent of the affordable apartments would be reserved for people who worked or lived in Lower Manhattan when the September 11 attacks occurred.

[55] The original design for the tower was by Kohn Pedersen Fox,[56] and called for a 42-story building with a seven-floor cantilevered section starting at the 12th floor.

[57] As of September 2013, the Lower Manhattan Development Corporation and Port Authority were actively marketing the site, but had not released any information about the building.

[58] In June 2018, New York YIMBY reported on a new design for the tower, after a rendering was spotted on a fence surrounding the construction site, hinting an announcement from the Port Authority may be coming soon.