A reader mentioned they saw some activity on the corner lot at 125th Street and Lenox Avenue this morning so we decided to take a look at the future home of the proposed Harlem Hyatt. Folks might remember that back in early June, the city's Economic Development Corporation voted to proceed with "$19.7 million in Recovery Zone Facility Bonds to assist in the development and construction of an approximately 100,000-square-foot hotel on a 32,500-square-foot vacant parcel of land located at 100 West 125th Street in Harlem." Based on the press release, the goal was to have ground breaking within 2010 and the project finished by 2012. More specifically, September was given as the exact timeline for things to start happening. As far as what went on today, it doesn't seem like anything major since work permits are not up on the DOB site for 100 West 125th (AKA 293-297 Lenox). There was a car, a small truck and the larger one seen in the photo (which was connected to a narrow hose leading into the sidewalk). The crew is digging around currently on the grounds but nothing is happening that apparently requires a permit. Emmitt Smith's $80.6 million hotel would be a great boon to the 125th Street corridor but many are hesitant to believe that it will happen until the structure actually starts rising. Read the official press release from June: LINK. See what Harlem had to say in our original post on the announcement: LINK.
I wish Mr. Smith & all others involved good luck with this endeavour. I really don't think its his $80 million and I do believe he is just the "black" front man or face of the Harlem Hyatt. Even with all the new enterprises, I don't see it, I don't get it. But then again thats probably 'cause I am not an economist and really don't know whats hot. I am what they call in the vernacular an 'old head' and wouldn't know whats hot if I didn't consult my kids.
ReplyDeleteSo I wish all concerned good luck with the very expensive endeavour and lets see.
Greg, I don't really understand your comment. Why can't Mr. Smith be the genuine front man for this? What does color have to do with it? Wasn't Magic Johnson the front man for the Magic Johnson Theater, which has been a great success. Maybe I am missing something. Relatively speaking, it isn't that expensive.
ReplyDelete"I really don't think its his $80 million and I do believe he is just the "black" front man or face of the Harlem Hyatt".
ReplyDelete(1) No developer uses their own money, (2) You are a racist Greg. (3) I don't believe it's going to happen, but Smith is legit, has a short track record, and did I mention that Greg, you are an ignorant racist?
Smith Cypress Partners was founded in 2005. One of the first deals Smith put together was a $45 million mixed-use project in Phoenix. He was primarily in retail development with Staubach but wanted to broaden his reach. Smith liked the model of Magic Johnson Enterprises, which goes in and revitalizes blighted urban areas. He broke off and formed ESmith Legacy three years later.
The company has offices in Dallas, Baltimore and Philadelphia and is 100 percent minority-owned. The Zenith is a $48 million project with 191 luxury units and 6,000 square feet of retail space in Baltimore. Then there is 414 Water Street, a 31-story, luxury condominium project with views of Baltimore's Inner Harbor. That cost $49 million.
What excites Smith most is what he calls the Harlem project, a vacant site at 125th Street and Lenox Avenue that will be transformed by a major hotel, supermarket chain and the Y. The $81 million project has the blessing of city officials and has received $20 million in federal tax-exempt financing. It is projected to create 129 construction jobs and 81 permanent jobs after the work is complete.
Smith's company also has entered into a partnership with Learning Links Center, a California-based firm that will help it refurbish a 326-unit apartment complex in North Dallas.
http://www.dallasnews.com/sharedcontent/dws/spt/stories/080710dnospoemmittbusiness.29e0642.html
Calling one another a racist is not a path we want to go down nor is calling someone ignorant.
ReplyDeleteYou might say it was a racist statement but let's not start name calling
Well, I for one am really excited about this project. I don't see a downside at all, really don't care about the politics involved as long as it gets built. Reynolds, it is getting built. The funding is in place and ground breaking will occur within the next month or two. At last using this space for something other than a dumping ground is another step in the right direction for Harlem.
ReplyDeleteThey have been land surveys and some sort of drilling for the past week. The sight of those workers made me very happy. Even if a Hyatt doesn't happen that space is to valuable to sit vacant and longer.
ReplyDeleteI agree with Corey ... I just want to see the land used. Also, perhaps aiming a bit more modest on the grocery store would be wise - a Trader Joe's, which has great prices but still wholesome foods, instead of Whole Foods. I'm not saying a Whole Foods wouldn't work but Trader Joes would be accessible to so many more.
ReplyDelete@Chris et al. I think we DO need to care about the politics of this. I know I have learned a lot from this blog and that definitely includes the knowledge that real estate in Harlem can be, um, Byzantine. Certaoinly not suggesting Mr. Smith and his consortium but it's good to know the history as the project moves forward. 'Follow the money' is a truism, especially uptown.
ReplyDeleteThank You Sanou's Mum, well said!
ReplyDeleteI think it depends on the politics involved. Skirting around a bit of red tape is sometimes the only way to get the ball rolling. The only time I care about the politics is when public money is being either a) filtered through the pockets of corrupt officials (appears to be a common practice in Harlem...particularly with non-profits) or b) the proposed project does not deliver on local initiative guarantees (i.e x number of jobs to go to locals).
ReplyDeleteThe benefits from this particular to the local community are plainly obvious. More jobs and more money coming into local businesses that surround Lenox & 125th. To get this done, if a corner has to be cut that has little impact on the a or b from above, so be it.
It is imperative that this project not only gets done but succeeds and I think it will based on the success the L hostel had. People want to stay in Harlem when they visit NY and right now let's be honest there are very few places that are of any quality. So with the new Aloft and hopefully this project we will see more money flowing into the community and with that jobs.
ReplyDeleteWell said DW. This will have a huge impact not just on that particular corner, but for 125th in general. Back in the UK, there is a stretch of road not far from Heathrow Aiport that has a ton of hotels, restaurants etc. It didn't take a genius to figure out that building in a location with close proximity to a) rapid transport into London and b) the airport made sense. All of those hotels do tremendous business and the communities nearby have reaped the benefits.
ReplyDeleteThe drilling is either testing for the geotechnical aspects of the ground under the site (to make sure what kind of foundation needs to be built) or environmental testing to make sure that the buyers aren't buying an environmental problem. This is completely standard and done on all commercial properties as a buyer considers whether to go through with the purchase contract. Frankly, it's a good sign - the buyer is spending money to assess the site, which means that they are serious about it.
ReplyDelete