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Old Posted May 21, 2012, 11:34 AM
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http://online.wsj.com/article/SB1000...014308158.html

New Plan for a Growth Area

May 18, 2012
By ALESSIA PIROLO

Quote:

A venture of JDS Development Group and Starwood Capital Group aims to break ground within months on a 50-story condominium and retail tower in a part of Midtown Manhattan that's already seeing a rash of new development.

Barry Sternlicht's Starwood has controlled the site on West 57th Street between Sixth and Seventh avenues since 2005. JDS, which also is developing a 53-unit condo in Chelsea, recently purchased a major interest in the site from Starwood. JDS will develop the new tower and Starwood will remain a partner in the project, according to a JDS spokesman. He said the venture hopes to begin construction in the late spring or early summer.

The spokesman declined to comment on the cost of the project or whether the venture has obtained a construction loan. Usually developers don't move forward with projects until they obtain such financing, though they sometimes finance new construction entirely with equity.
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