Two Trees under fire for black;

November 03, 2010 12:00PM

Jed Walentas

Two Trees Management’s bid to gain $15 million in federal tax-exempt funding for a boutique hotel in Williamsburg faces hurdles, according to the Wall Street Journal, as community groups and city officials question the development’s purported financial benefit to the neighborhood. The New York City Capital Resource Corp., a city-controlled development group, is set to review the 73-room development during a hearing tomorrow, with plans to vote on Two Trees‘ financial proposal next Tuesday. Jed Walentas, a principal with Two Trees, said he disagrees with community activists who believe the $15 million financing could be better used in the community. “I think the hotel is an amazingly complimentary use,” for the 11,105-square-foot parcel it would occupy, Walentas said. The developer claims that the project would create 195 full-time permanent jobs, along with 75 construction jobs. The New York City Capital Resources’ report on the development, however, claims that just 33 permanent jobs and 53 construction jobs would result from the hotel project. [WSJ]