Walentases’ stalled Williamsburg hotel awaits stimulus funding verdict

Dumbo development kingpins David and Jed Walentas are on track to restart their stalled, 73-room hotel project in Williamsburg if the city approves the designation of $15 million in federal stimulus funding towards the “shovel-ready” project today, according to the Brooklyn Paper. The boutique hotel, on Wythe Avenue and North 11th Street, would be borne of a renovation of a five-story former textile factory. In 2008, the city rejected the Walentases’ $3.6 million plan for the building, which would have doubled its height. But today, their Two Trees Management is among three developers awaiting a decision from the city about who will receive funding, and how much. It wouldn’t be the only new luxury hotel in the transforming Northside area of Williamsburg, once filled with factories and row houses, as another is slated to open next year. Two Trees says the project will create 75 construction jobs and 195 permanent jobs, though the city pegs the estimate as significantly lower. [Brooklyn Paper]