The $420-million development is planned for a 2012 opening andwill total 58 stories at 670 feet. It will include 136 privateresidences starting at $1 million, while the hotel will have 175guest rooms. Also in the works are a 14,000-sf spa, 11,600 sf ofconference space and room for a 2,140-sf boutique shop and 7,000-sfrestaurant on the ground floor.

Tim Mahoney, president and chief executive officer of Ardmore,PA-based development firm Mariner and Lenfest, who is chairman ofcommunications firm NetCarrier, acquired the site in 2000.Dallas-based Gatehouse, which has invested in W hotels across thecountry as well as other brands, signed on to the development sitelast year.

The developers are lucky that the hotel isn't opening for awhile, given the economy, Robert Fahey, executive vice president ofCB Richard Ellis' investment properties institutional group, tellsGlobeSt.com.