The Victoria Theater in Harlem will be transformed into a mixed-use complex that will include a Renaissance Hotel by Marriott, 200 apartments as well as retail and cultural space.
Plans for the redevelopment of the site have been in the works for years. but on Wednesday state officials announced construction on the project will begin in 2015, according to the New York Daily News. Half of the 200 planned residential units will be below market rate.
The Empire State Development Corporation approved a $10 million loan for the construction of The Hotel On 125th Street, close to Frederick Douglass Boulevard, according to the newspaper. Permits for the project were filed last month.