The Real Deal New York

Harlem hotel approved for tax exemption

June 08, 2010 05:30PM

Emmitt Smith

A large hotel and retail development project in Harlem received
approval for federal tax-exempt financing, according to Crain’s. The
project, at 100 West 125th Street, is spearheaded by former Dallas
Cowboys star Emmitt Smith, CEO and founder of
real estate development firm, ESmith Legacy Harlem. Smith’s firm was
approved for $19.7 million in Recovery Zone Facility Bonds,
which it received through a city program to stimulate economic
activity in struggling neighborhoods. Although concerns have been voiced over whether local
residents would be hired for jobs at the development, many local officials have shown support for the proposed hotel. Once complete, the development would potentially
bring a Whole Foods to Harlem, as well as a Hyatt hotel. [Crain’s]

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