According to a Friday report in The New York Times, Barry Sternlicht and Starwood Capital Group will revive his dormant luxury eco-friendly luxury 1 brand in a park just south of the Brooklyn Bridge in New York City.
The Times cites sources who say the Brooklyn Bridge Park Corp. is expected to vote on Tuesday to select Toll Brothers and Starwood Capital Group as the development team for the US$295 million complex, which will include a 200-room hotel and 160-unit condominium complex at a 1.3 mile (2 km) park which stretches along the East River on the Brooklyn waterfront. The report added that the hotel complex is crucial to the city’s vision of how to pay for maintenance of the park.
Construction on the buildings would begin next summer, with completion expected in 2015. The plan also calls for 32,000 sq ft (2,972 sq m) of restaurant and banquet space, as well as a 6,000 sq ft (557 sq m) spa.
Rogers Marvel Architects designed the complex with a stepped facade of stone and metal to maximize views of the park and of New York Harbor, and roofs with green technologies.
The project is expected to generate US$119.7 million in rent and payments as part of a 97-year ground lease.