For Immediate Release
ESmith Legacy, Inc. Updates Progress on Harlem Hotel Project
Hyatt Place Hotel Development Continues as Expected;
Company Returns Recovery Zone Facility Bonds for Benefit of Other New York Projects
Dallas, TX (December 21, 2010) – ESmith Legacy, Inc., a leading commercial real estate and development company founded by Pro Football Hall of Famer Emmitt Smith and others, has today announced that their Harlem hotel project is tracking as expected with an anticipated closing of financing in Q1 of 2011.
Various parties involved in this project have expressed their excitement about the continued progression of ESmith Legacy’s (ESL) Hyatt Place hotel project in Harlem.
“I am really looking forward to the closing and groundbreaking of this significant project for the Harlem community,” said Ross Glickman, Chairman and CEO of Urban Retail Properties, LLC. “This project marks a truly unique opportunity to invest in a burgeoning area of the city with unlimited potential.”
“Each day when I walk into work and see the corner of 125th and Lenox, I can visualize how great this hotel will look and the positive impact it will have on the Harlem community,” said Hope Knight, COO of the Upper Manhattan Empowerment Zone.
The company has also confirmed they have returned the Recovery Zone Facility Bonds originally allocated for this project which would have accounted for roughly less than a quarter of the total project size. ESL has a capital structure in place that no longer required the use of the bonds. Furthermore, the importance of giving this money back for the benefit of other projects in the New York area had become clearly evident.
“We are very excited that our Harlem
hotel project is progressing along as expected,” said Smith, ESL’s Co-Founder, Co-Chairman and CEO. “As we further examined
our financing options, we saw a great deal of flexibility that will allow us to
return the recovery zone bonds for the consideration of other New York based
projects. This hotel and accompanying retail space will be a catalyst for
neighborhood growth in Harlem for many years to come.”
Added Troy White, CEO of Wytehouse Marketing in Harlem and a local business and homeowner since 1995: "I believe the hotel project that ESmith Legacy is building will fit nicely in the Harlem landscape. Anytime you can create a massive amount of jobs and opportunities for others in a community like Harlem is a good thing. I also know Emmitt will work closely with our churches, businesses and local organizations and that is critical when you're trying to work in Harlem. Harlem is dripping in great history and it will be great to have a legend like Emmitt Smith continue it."
ABOUT
ESMITH LEGACY:
ESmith Legacy, Inc. is a premier real estate development and asset management firm
that brings together a team of professionals with the expertise and capacity to
produce superior results. With offices in Baltimore, Dallas, and Philadelphia,
ESmith Legacy, Inc. is a 100% minority and woman-owned development firm that
builds on years of combined development, finance, and management experience
with a network of joint venture partners.
The Company is well-positioned to handle the most complex projects and their
diverse backgrounds provide depth and vertical solutions to each and every
opportunity they pursue. Combining their collective experience in the fields of
real estate development, master planning, asset disposition, banking and
finance, law, real estate brokerage, franchise development and operations, the
principals of ESmith Legacy, Inc. develop, build and own mixed-use commercial,
industrial and residential projects working closely with public and private
partners. For more information, please visit www.esmithlegacy.com.
Media Information:
Scott Horner – 703.905.3379; scott.horner@octagon.com
