Rendering via Carpenter & Co.
The city and the developers selected for the World Trade Center Four Seasons are moving forward and negotiating the final lease for the project.
Carpenter & C0. and Woodward Interests were selected as co-developers of the project in March, and the City approved the lease with them shortly thereafter.
The developers have planned a $364 million, 350-room Four Seasons with 76 hotel-serviced residences, and the construction of two new wings to either side of the building.
We’ve got a draft of the lease for you to take a look at, after our friends at nola.com uploaded it to Scribd.
A rough outline of payments to the city under the 99 years lease include:
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A $1 million nonrefundable deposit at lease signing and a $4 million deposit in escrow that goes to the city once financing closes.
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Base rent of $100,000 per month during construction.
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Once the hotel opens, annual rent of $3.25 million for ten years, $3.75 million for the second ten years, then rent adjusts with inflation.
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In year 2, in addition to the base rent, 5 percent of gross revenues from the TBD cultural attraction being built on the top floor.
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In the 11th year, 5 percent of gross revenues from all other revenue generators of the project.
The City Council will vote on the lease as early as May 7.
You can check out the entire lease here.
about the author: CSB Staff
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