A selection committee at the New York City Capital Resource Corp., a local development corporation controlled by Mayor Michael Bloomberg, is supporting the federal financing, the Journal reported. "This project would transform a long-vacant site in a vibrant commercial corridor into much-needed hotel and retail space, along with amenities for the community, creating hundreds of permanent and construction jobs," a spokesman for the New York City Economic Development Corp. told the Journal.
A hearing will be held in June, following a formal vote from Capital Resource Corp.'s board, according to the Journal. In order to receive the financing, the $80-million project must start construction by year's end.
To access the Journal article, click here.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
