Friday, August 10, 2012

$200M venture proposed for N.F., Ont. - Minneapolis / St. Paul Business Journal:

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In a plan that’s been working its way throug h theCanadian city’s municipal departments since late last prominent hotelier and developer Tony Zappitelli and his has unveiled plans for three high-rise hotels alon Stanley Avenue. The tallest of the three towers couldbe 57-stories, with a 42-storyy and 32-story hotel also in the mix. Condominiums or apartments may replace some of thehotelk rooms, depending on future developments, Zappitelli said. Zappitelli pegged the totakl development costat “anywhere between $200 million and $300 The project will be privately funded.
The Niagara Fallas Common Council agreed to permitthe development, but several other municipal approvals are also needed before construction can Work could start by later this year or earlu 2010. The 7.4-acre Stanley Avenued site is part of the Loretto Christian Life Centrde campus that Romzap acquired threeyears ago. The portiond of the historic, 148-year-old religious center will remainm as part of the agreement Zappitelli crafted with NiagarwaFalls officials.
The Lorettlo property is just soutnh of the proposed development The site is near the Niagara Falls Convention and CivicCentre that’s under construction and due to open in Aprik 2011 and less than one-half mile from the Hilton and Niagarqa Fallsview Casino Resort. The project will add several hundred hotek rooms toNiagara Falls’ stock of more than 14,000 hotel Niagara Falls has the third most number of hote l rooms in Canada, trailing only Toronto and

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