The contractor will occupy a lane on Washington Street

Joining the slew of new hotels that have opened recently in Lower Manhattan, a Holiday Inn will soon be under construction at 99 Washington Street. The new 43-story, 416-room hotel will replace the parking garage that was demolished in 2008 at the corner of Washington and Rector. Developer McSam Downtown is leading the $40 million project, which is scheduled to begin in late April with pile drilling and foundation work. Clad in charcoal-colored brick, the new hotel also will house a restaurant and gym.

During construction, contractor Cava Construction will occupy a lane on Washington Street, with pedestrian traffic maintained. Foundation work is scheduled for August 2011 completion, followed by superstructure erection through approximately March 2012. With façade work and fit-out to follow for another year, the building is expected to open in spring 2013.