"This area needs more residential," points out Barbara Randall, executive director of Fashion District BID, explaining that recently there has been a shift as manufacturing has diminished in the area. Randall notes that the area, which has also changed from 100% to 50% fashion wholesaling, is in need of zoning changes. "This project should be a shot in the arm," she says.
Bovis Lend Lease will serve as general contractor and the owner's representative is CNY Builders LLC. Retail space will be leased by Jones P. Day Realty. The hotel will be managed by Interstate Hotels and Resorts of Arlington, VA and financing for is being provided by Corus Bank and iStar Financial Inc.
A 10-year plan to revitalize Chinatown is expected to be unveiled later today by Asian Americans for Equality, working together with more than 20 local business, cultural and community organizations. They hope to populate the area with new offices, cultural venues and parks. The Rebuild Chinatown Initiative, launched after Sept. 11, 2001 envisions the neighborhood as "America's Chinatown."
The RCI plan is organized around three goals: to create a hub where the culture and commerce of East and West meet; to open Chinatown and create better access to the heart of the Financial District and the East River waterfront; and to assure Chinatown's abiding affordability and authenticity as an ethnic community.
And construction is expected to begin shortly on new apartment buildings in Harlem on a 9,000-sf parcel at 2000 Fifth Ave. and a 7,500-sf site of four contiguous vacant lots at 65-71 East 130th St. Ralph J. Trionfo, president of Upside Ventures, represented both the owners of the sites and the developers.
The 124th Street site was acquired last summer under a long-term ground lease with an aggregate lease value of approximately $42 million by 2002 Fifth Avenue, LLC, with plans to build a nine-story co-op apartment. At the other site, East Harlem Development Corp. is building a market-rate, seven-story rental apartment building which will also include a community facility and 25 large rental units.
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