Just weeks after Conde Nast, one of the world’s top media companies, agreed to become the anchor tenant at 1 World Trade Center by renting a million square feet comes word of another critically important development in the rebirth of Lower Manhattan.

Westfield Group, the Australian-based builder and operator of major shopping malls worldwide, has forged a deal with the Port Authority to bring high-end shops and restaurants to the rebuilt area around Ground Zero.

As part of that effort, Westfield will contribute $612.5 million toward constructing 365,000 square feet of retail space, in return for a 50 percent stake in the development.

Given Westfield’s proven track record, that sounds a like a good deal all around.

Indeed, it will mean a significant upgrade in the quality of the area’s retail businesses that existed before the tragic events of 9/11 a decade ago.

The agreement still must be ratified by the PA board. But kudos to all, particularly Executive Director Chris Ward, who is making impressive strides toward creating a new reality at the World Trade Center site.