Walentases’ stalled Williamsburg hotel awaits stimulus funding verdict

New York /
Nov.November 09, 2010 08:30 AM

David Walentas

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]

 

Related Articles

arrow_forward_ios
Andrew Kimball, president, NYC Economic Development Corporation (Getty Images, Google Maps)
City calls for offshore wind facility dev on Staten Island
City calls for offshore wind facility dev on Staten Island
Radson Development co-founder Jacob Rad and the site of the development (Google Maps, LinkedIn via Rad)
Pair of mixed-use towers to rise at site of Hell’s Kitchen slaughterhouse
Pair of mixed-use towers to rise at site of Hell’s Kitchen slaughterhouse
A rendering of River Ring with Two Trees CEO Jed Walentas (BIG, Getty)
CB1 approves Two Trees’ River Ring, keeping project on pace
CB1 approves Two Trees’ River Ring, keeping project on pace
A rendering of River Ring and Two Trees' Development Principal Jed Walentas (River Ring, Marc Skrivo)
Two Trees’ massive project eyes “mad dash” to approval
Two Trees’ massive project eyes “mad dash” to approval
Renderings of 1223 Spofford Avenue, Bronx, 153-10 88th Avenue, Queens and 1201 Spofford Avenue, Bronx (iStock, NYC Economic Development Corporation, Zara Realty)
The top 10 biggest real estate projects coming to NYC
The top 10 biggest real estate projects coming to NYC
Economic Development Corporation CEO James Patchett (Getty; iStock)
EDC’s $58M in Times Square rent mostly sunk into ferries
EDC’s $58M in Times Square rent mostly sunk into ferries
Congresswoman Nydia Velázquez, Congressman Jerry Nadler and Council Member Carlos Menchaca (Credit: Getty Images, Google Maps)
Pols pounce as city caves in on Sunset Park property
Pols pounce as city caves in on Sunset Park property
Liberty View Plaza at 850 3rd Avenue and Marvin Schein (inset) (Photo by Axel Dupeux)
City lets industrial landlord off the hook in Sunset Park
City lets industrial landlord off the hook in Sunset Park
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...