
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.