The investors looking to build a Hyatt hotel on 125th Street and Lenox Avenue in Harlem?a group that includes Dallays Cowboys (BOOOOOO!) legend Emmitt Smith?are on the road to victory. The Wall Street Journal reports that city officials plan on awarding the project $19.8 million in tax-exempt financing, but there's a catch: To qualify for the funds, construction must begin by the end of 2010. If all proceeds as planned, the $80 million project will replace a long-empty lot with the 200-room hotel as well as new retail, which may include a Whole Foods supermarket. Game changer?
· Harlem Hotel Wins City Backing [WSJ]
· Emmitt Smith Wants to Break Harlem's 125th Street Curse [Curbed]