By HarlemGal Crain’s New York is reporting that Emmitt Smith and his partner/investors received federal tax-exempt financing today. ESmith Legacy Harlem was approved for $19.7 million in Recovery Zone Facility Bonds, which it received through the New York City Capital Resource Corporation. I believe this was the last hurdle Mr. Smith’s firm was waiting for. Now they can proceed to build on the empty lot at 125th Street and Lenox Avenue. Once that happens, the entire make-up of that area will continue to change.
Online reports are saying that the plan could bring a Whole Foods to Harlem, a Hyatt-branded hotel along with 129 construction jobs and 81 permanent jobs. Nice. Let’s just hope the project does not take forever to build.
I have one message for Emmitt Smith: build it in a timely and reasonable manner. Please do not take forever!
Apr 30, 2010 @ 18:20
Like most blogs, we received the same, interesting alert about Emmitt Smith and his posse of investors plans to open a hotel on the southwest corner of Lenox Avenue and 125th Street. The Wall Street Journal broke the story today (Friday) saying that Smith and the unnamed investors went to the City recently asking for close to $20 million in financial assistance! In my view, that is small change given what has been doled out by the Feds as bail out money to some companies located in lower Manhattan. I hope the City gives the former Dallas Cowboy the financial backing he is requesting so that he can join in and achieve the equal level of success that Magic Johnson has achieved in Harlem. Johnson’s movies theaters appear to have done well in Harlem. Let’s see what happens. Stay tuned.