Posted May 17, 2012, 4:46 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,900
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http://www.downtownexpress.com/?p=9958
Locals rail against financially tardy Holiday Inn developer
BY ZACH WILLIAMS
May 16, 2012
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The future of the world’s tallest Holiday Inn sprouting in Lower Manhattan remains up in the air, but the past is hard to escape for developer McSam Downtown LLC. The Downtown Express has found that McSam currently owes the city at least $180,000 in outstanding property taxes and fines on the project site located at 99 Washington St., the future site of the hotel. While no accidents have been recorded at the site, some local residents are demanding renewed scrutiny of the developer, who is seeking to increase the planned height of the building from 43 stories to over 50 stories if the city grants the developer new permits.
While the D.O.F. has not taken any punitive action against McSam, the company recently resumed payments on its own volition, according to Pat Jones, an attorney for McSam. It has taken about seven years for the Holiday Inn project to reach its current stage, but the project will likely not meet its spring 2013 deadline for completion, the attorney noted.
As the developer seeks to finalize designs, tackle tax problems with the city and resolve the outstanding fines, McSam will also have to deal with local residents, who charge the company with neglecting the impact of the construction on the neighborhood. The residents also claim that their safety at the northeast corner of Washington and Rector Streets, which is blocked by the construction, is in jeopardy, since people have to step onto the street to pass by.
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New figures to work with
http://a810-bisweb.nyc.gov/bisweb/Jo...ssdocnumber=02
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