Developer Jon Lam is securing a deal to build a 600-room hotel on Broadway between 29th and 30th streets, which will raise the stakes for Ace Hotel, Gansevoort Park, the NoMad and the Flatiron. The NoMad Hotel Project will be an expansive 100,000 square foot space – a sizable increase from Lam’s original plan to build a 25,000-sq.ft. hotel. at his already-owned 1205 and 1225 Broadway properties.
Lam told The Commercial Observer it would likely cost about $350 million to purchase the land and build the tower, which would rise between 30 and 40 stories tall. He also plans to incorporate “significant” retail space at the hotel’s base. While he hasn’t decided which hotel brand to marry with the property, Lam said, “I don’t want it to be too high end. I want it to be affordable and casual.”
Ace Hotel was the first chic boutique property to make waves in the otherwise untrendy neighborhood. It appears they will have some competition soon enough.
Source: New York Observer