Fortress Investment Involved In Massive Real Estate Development
Fortress Investment Group was not only the first hedge fund but the first one to be public on the NYSE in 2007. It was eventually purchased by SoftBank Group Corporation from Japan and now has a 2.5 billion real estate deal in Times Square for global imports in a retail location.
Retail Location Project
The project of FIG is expected to be completed in 2021, there will be a 46 story building put up around the Palace Theater. The interior will be completely restored to its original glory that was seen over a hundred years ago when it first opened and lifted up to the third floor. There will be an exterior stage as part of the new renovations. A luxury hotel will also be built to allow viewing of the annual ball drop from 30 of the suites in the unit.
The project will be ten floors, with retail space. Times Square will be faced by 100 feet of the tower with more than 15,000 square feet of ground-level retail space. There are over 15 million people expected each year. There are several more additions expected to the construction project from Fortress Investment Group.
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Times Square Background
One of the world’s most recognized, financially valuable and culturally important areas Times Square is an ideal investment for development by the Fortress Investment Group. The area around Seventh Avenue and Broadway began to increase its traffic flow and revenue. After the first World War, the area began to have the majority of theaters in the area.
The Group Itself
Fortress Investment Group has a history of innovation as a management company for investments. They are now part of one of the most important and valuable conglomerates in the world, SoftBank Group. The group has extensive robotics and telecommunications holdings as well as investments in technology that made Fortress a natural fit.
Check more about Fortress Investment Group: http://www.niemanlab.org/2017/02/newsonomics-softbank-fortress-trump-and-the-real-story-of-gatehouses-boundless-ambition/