The Harlem in New York, specifically, 125th Street and Lenox Avenue is now poised to receive a brand new $80 million luxury hotel, as envisioned by Emmitt Smith, who is a member of the Football Hall of Fame and the champion of the reality TV series, Dancing With The Stars. Mr, Smith along with other investors have apparently been given a green light by the New York City Capital Resource Corp to request for a tax-free federal funding of $20 million, that would be used in the construction and development of the proposed hotel.
The New York City Capital Resource Corp or the NYCCRC was allotted a budget of $120 million by the federal government for the development of certain regions of New York City and out of this funding only $20 million remained, that have now been granted to Emmitt Smith and his consortium of investors. However, the allocation of funds come with a condition that, the construction of the hotel should begin by the end of this year. The proposed hotel is said to be run under the flag of Hyatt Hotels and will be a culmination of retail and cultural institutions, such as the likes of Whole Foods and a YMCA.
According to David Lombino (Spokesman, NYC Economic Development Corporation),
“Plans call for ground- and second-floor retail space that will include a Whole Foods. The majority of the third and fourth floors are slotted for a new YMCA and a cultural group. 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.”