Address: 235 West 125th st
Tenant: Renaissance Hotel by Marriott
Amount to be Invested: 164 million
Total Square Footage: 368,546
Type of Property: Commercial
By: Tanny Warerkar
Over a decade after the planned redevelopment of Harlem’s Victoria Theater was announced, the project is finally moving forward. The team of developers behind the project held a groundbreaking ceremony Thursday at the site of what will soon be 191 apartments, a hotel, and a cultural center.
In November last year we had a sense that the stalled development might actually move forward after a New York Post reporter discovered a new construction notice at the site. Now work on the project, which is spread out over two sites—one fronting on West 125th Street, and the other on West 126th, is moving forward in full swing.
By: Jan Ransom
Plans to transform Harlem’s legendary Victoria Theater have been floating around for years, but state officials said Wednesday that work will begin by mid-2015.
The sprawling complex will include a gleaming Renaissance Hotel by Marriott, 200 residential rental units — half of which will be below-market rate — retail and cultural arts space and parking.
The Empire State Development Corp. approved a $10 million loan to finance the hotel’s construction on 125th St. near Frederick Douglass Blvd.
The $164 million project, which includes $47 million in public funding, will be completed in 2017. The Victoria Theater’s south building will be restored including the historic lobby, façade, marquee and signage, said Maria Michalos, ESD spokeswoman.