Mixed-Use Project Coming to Times Square
Thursday October 18th, 2012 - 1:21AM
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NEW YORK–A joint venture made up of four development groups plans to construct an $800 million mixed-use project in Times Square that will include a 500-room hotel.
The development partners are Maefield Development, Infinity Urban Century, the Witkoff Group and New Valley.
The project is known as the Times Square Gateway Center. In addition to the hotel, the project includes extensive retail and a major LED advertising complex on the exterior of the 36-story tower.
Completion is expected in two to three years.
Tags: Hospitality Construction/Renovation Ownership
The most recent NYU Conference, earlier this month proved, once and for all, that the lodging industry has finally turned the corner and happy days are, indeed, here again. While the economists and pundits all provided plenty of anecdotal evidence to bear that out in terms of supply and demand ratios, RevPAR projections, asset values and all the other metrics, that’s not what has me convinced.