Last year, the Magna Hospitality Group dropped $10.8 million for the former Pepper & Potter car dealership at the corner of Flatbush and Tillary in Downtown Brooklyn with the plan of erecting a Hampton Inn overlooking the busy intersection. Since then, however, they’ve been unable to land construction financing. The Times reports that the 117-room hotel project has just gotten a new lease on life in the form of a $20 million tax-free loan courtesy of the federal stimulus program. Four other city projects received another $67 million as well. There is no significant construction lending taking place right now, said David Lombino, a spokesman for the city’s Economic Development Corporation. But for this program, these projects wouldn’t go forward. To qualify, the developments must break ground by the end of 2010.
Five Development Projects to Receive Stimulus Money [NY Times]
From Cars to Mini-Fridges on Tillary [Brownstoner] GMAP