[Eidolon]

A venture between the Witkoff Group, Maefield Development, Infinity Urban Century–and New Valley, an investment unit of Vector Group–completed the $430 million acquisition of a development site at 701 Seventh Avenue in Times Square, where it plans to build a 340,000-square-foot, 36-story, multi-use complex. Times Square Gateway Center, located between Seventh Avenue and 47th Street, will feature retail space, a hotel tower and the nation’s largest single LED screen for Broadway’s iconic lights and advertising.

Steven Kassin, co-managing partner of Infinity Urban Century, confirmed the amount of the investment to The Commercial Observer.

Barry Sternlicht’s Starwood Property Trust and Starwood Capital Group provided $475 million in combined acquisition and construction financing for the development. The loan will have an initial funding of $375 million with $100 million of future funding for redevelopment costs and also contains an equity participation right for the lender.

The joint venture between Maefield Development, Infinity Urban Century, the Witkoff Group and New Valley announced it will spend $170 million to develop the retail complex and another $200 million for the hotel tower.

The $800 million project is expected to be operational within two years and fully complete in three years. An existing eleven-story office building at 701 Seventh Avenue will be partially demolished to make way to the complex. It will feature 130,000 square feet of retail space facing Times Square, a 500-room hotel tower and a 24,000 square-foot LED sign wrapping around its façade at 100 feet of height.

Looks like another very mediocre filler tower for Times Square, but at least it isn't gaudy like some of the other stuff that has gone up there in recent years.

That will be a huge LED sign though .