Photo: Courtesy of Flickr.com
Finally, the old Battery Maritime Building’s renovation is picking up again. Since the previous developers, Dermot Company, weren’t able to secure financing for their remodel of the building, the renovation has been at a standstill. Now Stoneleigh Capital LLC, a private equity investment company, is taking over.
Stoneleigh Capital has signed a letter of intent with The city’s Economic Development Corporation (EDC) to take over the remodel. The new agreement extends the deadline for the renovation to be finished by the end of 2017. The details of the lease are also said to be different from the original one that Dermot Company signed back in 2006. While switching developers doesn’t change the original plan to transform the building into a hotel with a restaurant, Stoneleigh Capital is increasing the number of hotel rooms by cutting the size of the rooftop restaurant and bar in half. They are also making some other minor changes to better utilize the the Great Hall.
Photo: Courtesy of Wikipedia.com
Since Dermot Company started the renovation in 2006 they’ve come a long way and the building is a little over halfway done – still far form the original agreement, which stated the renovation would be done July 1st 2015. To be fair, they haven’t had the best of luck throughout. Along with Dermot Company’s difficulties with the financing, they’ve also had to deal with the Hurricane Sandy and its after-effects. Now that Stoneleigh Capital has signed on, a new plan has been made and the renovation should be back on track. By the time we hit 2018, we should be able to enjoy the view of a completely renovated Battery Maritime Building.
-Eva Troester
