Silverstein Properties’ Metro Fund JV to Begin Construction of Four Seasons in NYC
Wednesday November 27th, 2013 - 10:27AM BG
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NEW YORK—Silverstein Properties’ Metro Fund joint venture has financed almost $1 billion to build a Four Seasons hotel, a restaurant and private residences at 30 Park Place in Tribeca here.
Construction on the 82-story tower will commence on Tuesday, Dec. 3. It is expected to open in mid-2016.
The site was purchased in 2007 by Metro Fund, LLC, a JV of Silverstein Properties and the California State Teachers’ Retirement System (CalSTRS). CalSTRS is being advised by CBRE Global Investors U.S. Managed Accounts Group.
Financing for the approximately $1-billion project was provided by the Children’s Investment Fund. Cumming—an international program and cost management firm—is providing project-monitoring services on behalf of Children’s Investment Fund. The equity was provided by the Metro Fund.
Robert A.M. Stern Architects is the design architect for the building. The hotel will be operated by Four Seasons with interiors designed by Yabu Pushelberg. Tishman Construction, which built 7 World Trade Center for Silverstein Properties in 2006, is serving as general contractor on the project.
“Four Seasons Hotel New York Downtown will be a truly spectacular property, drawing inspiration from the vibrant architecture, culture and energy of New York—one of the world’s greatest cities,” stated Craig Reid, president hotel operations, Americas, Four Seasons Hotels and Resorts. “The hotel will be a dynamic addition to our growing global portfolio and complement to our iconic New York property on 57th Street, adding another choice to discerning guests travelling to this global destination.”
Tags: Silverstein Properties • Metro Fund • Four Seasons • NYC • Tribeca • New York • CalSTRS • CBRE Global Investors • Childrens Investment Fundm Robert AM Stern • Yabu Pushelberg • Hospitality • Brands • Construction/Renovation •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.