Walt Disney Co. and New York developer Tishman Realty &
Construction Co. were chosen yesterday to build a $303M hotel,
entertainment and retail complex on 42nd Street and Eight Avenue,
Times Square. The project is the "centerpiece of state and city
efforts" to transform the area into a "glitzy family-oriented
environment center," according to this morning's N.Y. TIMES. The
developers still need to line up financing for the project, but
hope to break ground in '96 and complete the center in three or
four years (Shawn Kennedy, N.Y. TIMES, 5/12). Developer John
Tishman projected the space would have 137,140 square feet of
retail space for tenants such as Sega, I-Max, and ESPN; 10 Super-
signs for advertising, and 119,000 square feet of Disney condo
time-shares. One Disney exec ruled out the company taking over
more of the empty buildings and space along 42nd Street. David
Malmuth, President of Disney Development Co.: "We have a lot of
entertainment products, and it's the perfect place for us to be
situated" (Paul Tharp, N.Y. POST, 5/12). Marriot and Hilton also
bid on the project and many real estate insiders had believe
Marriot would get it because they promised to build the entire
project at once rather than in stages, according to Tom Lowry in
this morning's N.Y. DAILY NEWS. But state and city officials
"have gone out of their way to accommodate Disney" and believe
Disney's presence "is necessary to attract other large companies"
(N.Y. DAILY NEWS, 5/12).
