Big Plans, Bucks, For A Hispanic Mini-City
By Mariana C. King
Marketing y Medios, June 1, 2005
An eclectic group of representatives of Latino arts and entertainment organizations gathered in April in an event closed to the press at the Merrill Lynch headquarters in New York City.
Hosted by Merrill Lynch and the New York City Latin Media and Entertainment Commission (LMEC), the invitation promised "the unveiling of a vision for a Latin Entertainment District in New York City," more specifically in El Barrio (East Harlem).
Where currently a hodge-podge of stores and buildings stand, the organizers envision a Latino-themed mini-city featuring clubs, performance spaces, recording studios, retail and housing for artists.
According to sources who attended the event, Elizabeth Caldas, executive director of LMEC, spoke about the goal of making New York City "the Latin media and entertainment capital of the world." Meanwhile, developer Drew Greenwald, president of Grid Properties Inc., praised the many opportunities available.
When contacted by telephone, Caldas said the LMEC was not ready to announce the project officially. The reception, she added, was only to discuss the vision with the Latino arts and entertainment community.
But the wheels are in motion, and the players spearheading the project are worth following.
Greenwald was one of the developers of Harlem USA, a $65 million, 275,000-sq.-ft. mall on 125th Street and Frederick Douglass Boulevard in Manhattan, which opened in 2000. Among other businesses, the complex houses the Magic Johnson Theatres, an Old Navy store, a Modell's Sporting Goods and a Chase Manhattan Bank. Greenwald was not available for comment.
Another player from Harlem USA involved in the Latino project is the the Upper Manhattan Empowerment Zone (UMEZ), which invested approximately $11.2 million in Harlem USA. Its president and CEO, Kenneth Knuckles, conceded that the Latino project is "mostly conceptual" at this point, but, he added, it will probably be bigger than Harlem USA, maybe a $300 million to $400 million venture.
In addition to the price tag, the new endeavor differs from Harlem USA in that the latter was designed exclusively for retail and entertainment, while the "Latin district" will aim for more cultural spaces, performing arts and housing, which might make it a riskier investment.
Then there is Merrill Lynch, co-host of the reception. Jasmine Murga, international financial advisor, confirmed that no investment decisions have been made, although she stressed Merrill Lynch's history of being "part of the [New York] community."
Some people who attended the event were clearly excited about the project. Eduardo Machado, artistic director of INTAR, a theater company which works with Latino artists, praised the efforts to support Hispanic artists by creating a centralized district where different organizations can collaborate. But others contend that due to gentrification, Harlem has already absorbed too many chain stores. In a neighborhood known for its low brownstones and local flavor, there is even a 34-story Marriott designed by Mexican architect Enrique Norten scheduled to open in 2006.
Award-winning actress and singer Daphne Rubin-Vega, a guest at the reception, took a more philosophical view:
"It's a utopian idea, and utopian ideas are good by definition. They mean well, but the concept didn't originate with the Latino community of El Barrio; the people involved don't necessarily live there. I'm not saying it's going to suck — if you don't mind buying Guayaberas designed by Isaac Mizrahi, I guess it's a good idea."
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