Today's Wall Street Journal reports that the Harlem Hyatt project will officially miss the deadline to receive $20 million in tax-exempt federal financing but the developers still plan to move forward. As most following the story know by now, Hall of Fame football star Emmitt Smith's company ESmith Legacy Inc. had previously been granted the bonds that would have moved along the $81 million hotel project at 125th Street and Lenox but only if the official ground breaking makes the December 31, 2010 deadline. Since the federal money could be used by another New York City project, the developers announced last night that they decided to withdraw the fund request. Even though this is a major blow to the Harlem Hyatt development, Brian Morris, one of the firms co-founder has stated that all other financing to get the project started will be in place by the end of the first quarter of 2011. Read more details on the article at the Wall Street Journal site:
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why not use this link so you dont get stopped by the wsj paywall.
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Don't forget Esmith’s application for the bonds stated that groundbreaking would take place in October, 2 months before the deadline, these guys missed 2 stated timeline goals. So when Brian Morris, one of the firms co-founder & President of Emsith states that all other financing to get the project started will be in place by the end of the first quarter of 2011...don't hold your breath.
ReplyDeleteThey don't have their act together and they really need to have some NYC people in the mix, these are all outsiders of NYC development thinking they can do x, y, & z in Manhattan and are clueless as to knowing what it really takes to develop per their ambition in NYC.
That these guys could not get thier act together enough for even a ceremonial groundbraking sort of speaks volumes.
ReplyDeleteLame -- just lame.
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