State agencies Lower Manhattan Development Corp. and the Port Authority agreed to release a request for proposals for the undeveloped 5 World Trade Center site in Lower Manhattan, N.Y., in the coming months, with a view to selling the site, Crain's New York Business reported, citing people involved in or with knowledge of the negotiations.

The request for proposals will allow interested property developers to submit plans for the development of commercial assets as well as residential space, the news outlet added.

The site, formerly known as 130 Liberty St., can accommodate more than 1 million square feet of commercial or mixed-use development and could be worth "hundreds of millions of dollars," according to the report.

The agencies, which have been involved in a yearslong deadlock regarding the site's development plan, agreed to undertake independent appraisals of the site and to proceed with the request for proposals if the appraisals are within 10% of each other, the report added, citing Lower Manhattan Development board Chair Holly Leicht. The proceeds would be split between the agencies.

Lower Manhattan Development acquired the asset after it was damaged following the 9/11 attacks, and it subsequently demolished the property.