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Developers of NY Times Square project target $4.2B value

Maefield Development Corp., Fortress Investment Group LLC and L&L Holding Co. are planning a hotel and retail redevelopment in New York City's Times Square that is expected to reach a value of almost $4.2 billion by 2023, The Real Deal reported, citing a prospectus shared with Chinese investors in the project.

The developers are looking to raise a fund worth $300 million for the construction of the TSX Broadway development through the EB-5 visa program, the news outlet added, citing a source familiar with the fundraising operation in China. In January, the partners were reported to be seeking a $1.3 billion construction loan for the project.

The project will see the demolition of the Palace Theatre and DoubleTree hotel, which is expected to close Sept. 15. The existing retail section of the property is set to close July 20.

The development site is valued at $3 billion, including secured building approvals, the report added, citing real estate appraiser Phillip Ginsberg. Maefield bought the leasehold interest in the site in 2015 for $540 million.

In addition to a restoration and elevation of the theater, the project will include the redevelopment of the existing structures into a 47-story, 550,000-square-foot building with 663 hotel rooms, 110,000 square feet of retail space and a 17,000-square-foot LED sign on the lower front of the tower. The project is expected to be valued at $3.9 billion upon completion of construction in 2021.