- Funding Needed
- $150.2 (Mio)
- EB5 Funding
- $40 (Mio)
- Amount Subscribed
- $150 (Mio)
- EB-5 Investors
- Investment Amount
- Subscription Fee
- Job Creation (Total)
- Accommodation and Food Services
- Hotels (except Casino Hotels) and Motels
- Amount of EB-5 investors anticipated for this phase?
- Expected Maturity
- 5 years, with an option to prepay after four years.
- Expected Return
- Principal equity in project?
- Does this project have approved I-526's?
- Does this Regional Center have approved I-526's?
- Does this Regional Center have approved I-829's?
- New York
- 112 W. 25th Street, Manhattan New York, NY 10001.
- Last Update: May 17, 2016 04:20 PM
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Lam Group 25th Street Renaissance Midtown Hotel
- Developer Name
- LAM Group
Lam Gen 25 LLC (the “Developer”) currently owns a parcel of land located in Manhattan's Chelsea neighbourhood which it intends to develop from the ground up as a hotel (38 stories) and restaurant property. The hotel will operate under a franchise agreement with Marriott International, Inc., as a "Renaissance by Marriot" hotel. The gross buildable square footage is 177,513 square feet. The building design will be modern, inviting and will appeal to both New York City residents and visitors alike.
The Developer intends to build a new construction on the North side of the site to recreate a historic English-style entrance and garden rooftop bar while providing a modern and welcoming guest experience that includes the following components:
1) 330 rooms (including suites);
2) Fitness center;
3) 3,100 square feet banquet/function space;
4) 2,000 square feet ground floor restaurant; and
5) Rooftop restaurant and bar with renowned restaurant operators.
Approvals and site permitting have been obtained. Demolition work will be done in January 2016. The project is anticipated to break ground soon thereafter, with construction spanning 30 months. The hotel is scheduled to open in the third quarter of 2018.
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