Quote:
Originally Posted by JMKeynes
While I suspect that there would be strong demand for an office tower here, I hope that these guys don’t raze The Roosevelt, and we get stuck with an empty lot.
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That won’t happen. They have to partner with a developer, come up with a development plan, then go through the approvals process. In the meantime, it’s possible the hotel will reopen in some form like the Hyatt.
Quote:
Originally Posted by Busy Bee
Its a bit hard to interpret with the Urdu to English translation but are they talking about gutting the building and repurposing it for mixed use or are they talking about razing it? Honest question cause some of the vocabulary is pretty unnatural and makes for a confusing statement.
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The building will come down. It’s the only way they will be able to maximize the develipment there, which is the main reason they are closing the hotel. No developer will partner with that off the table, and we know only the newest, most up to date office space is in demand.
I had thought they might put a hotel at the top, but it looks like they may go condo. Currently, the max for that would be about 320,000 sf or so. ( or triple the size of the Steinway addition, in floor area). Removing hotel from the plan is one less thing to get approval for, even though it wouldn’t be difficult. But in either case, we’re looking at a few years before anything happens. But who knows, they were previously getting offers from developers, and the area is hot.
But in the end, it’s the same plan they came up with a couple of years ago, before lawsuits put everything on hold.