Brooklyn hotel incentives heading to City Council


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  • | 12:00 p.m. January 10, 2015
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An incentives deal worth $3.7 million for the construction of a Brooklyn hotel was filed with City Council this week.

The Downtown Investment Authority board has signed off on the possible $3.7 million Recapture Enhanced Value grant for the specialty hotel planned north of 220 Riverside Apartments and Unity Plaza.

Parkview Partners LLC wants to build the estimated $23 million facility containing 150 rooms, banquet space and fitness center at Forest and Magnolia streets. The deal calls for a minimum capital investment of $17.5 million.

The Recapture Enhanced Value grant is a rebate on taxes a company generates through its investment. Typically, the maximum is 50 percent for seven years, but council will have to waive its rules for the hotel’s 75 percent return and 20-year period.

According to the legislation, the waiver is justified because the project has a minimum investment of $17.5 million investment and couldn’t be financed without the boost.

The project will create about 75 construction jobs, 15 full-time jobs after completion and an additional $1.2 million in property taxes.

 

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