Merrimac Ventures, a local sponsor with deep roots in the area, purchased the property and operated it as a hotel for years while pursuing enhanced development entitlements in this notoriously high barriers-to-entry market. The ground up development will consist of 306 luxury apartment units with superior finishes and amenity package. The project is under construction and will further benefit from the recent announcement that Chewy (CHWY), the Fortune 500 online pet retailer, will locate its national headquarters and 500 highly-paid employees directly across the street from the project.