Wall Street Journal

A selection committee at the New York City Capital ResourceCorp., a local development corporation controlled by Mayor MichaelBloomberg, is supporting the federal financing, the Journalreported. "This project would transform a long-vacant site in avibrant commercial corridor into much-needed hotel and retailspace, along with amenities for the community, creating hundreds ofpermanent and construction jobs," a spokesman for the New York CityEconomic Development Corp. told the Journal.

A hearing will be held in June, following a formal vote fromCapital Resource Corp.'s board, according to the Journal. Inorder to receive the financing, the $80-million project must startconstruction by year's end.

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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.