NATIONAL REPORT—Construction is topping off on the East Coast, plus, a few tropical projects are in the works. Here’s what to know on the recent developments:
Broadway Construction Group Tops Out Brooklyn Property
Broadway Construction Group joined GFI Development and GFI Hospitality, affiliates of GFI Capital Resources Group, alongside its partners in the project, Spruce Capital, to celebrate the topping out of 61 Bond Street (a.k.a. 252 Schermerhorn Street), a 13-story hotel and retail property in Brooklyn, NY.
The development, which is expected to be complete in the fall of 2019, will be 178,000 sq. ft. and comprise 287 guestrooms. The property will also have approximately 5,500 sq. ft. of retail space, including a restaurant and bar.
Located in proximity to the Barclays Center, Atlantic Center, the Terminal Mall and nine subway lines, 61 Bond Street is positioned to meet the strong demand for hospitality space in downtown Brooklyn and the surrounding area, according to the company.
Jungle Island Secures Voter Approval for Miami Hotel
ESJ Capital Partners’ Jungle Island has secured voter approval from City of Miami residents for a new hotel. ESJ acquired the South Florida attraction in 2017 and is in the process of transforming the park into an eco-adventure themed destination. The approval allows for the development of a family-friendly hotel with 300 rooms and a maximum height of 130 ft. It also extends Jungle Island’s lease from 2060 to 2099, along with a 15-year extension.
No exact time for groundbreaking has yet been established, but ESJ is currently exploring a variety of options and looks forward to working through the various stages of the approval process with the City of Miami.
Hilton Grand Vacations to Develop Waikiki Site
Hilton Grand Vacations Inc. has purchased from BSC KVSC LLC a 1.05-acre site that currently includes King’s Village, Hale Waikiki Hotel and Prince Edward Apartments. HGV plans to develop a 32-story tower on the site, which will be its sixth property in Honolulu.
Construction is anticipated to begin in the second quarter of 2019, with project completion in the first quarter of 2022. The start of sales for the property is expected to begin in the middle of 2020. The property will include 191 units, comprising studios and one-, two- and three-bedroom suites, many of which will offer ocean views. Planned resort amenities include a fitness center, pool, business center and owners’ lounge.
Providence Hotel Marks Progress Downtown
The new nine-story Residence Inn Providence in Providence, RI, is part of the Marriott family of hotels and focuses on an extended-stay experience. The hotel will have 176 rooms, with each suite having separate living and sleeping areas. Standing more than 100 ft. tall, the hotel will include a street-accessible restaurant and retail, which will be open to the public.
The development effort has been led by the team at the Procaccianti Companies. The hotel is on schedule to open summer 2019.