COMPANY TOWN ANNEX

Disney, Tishman Win N.Y. Project: Walt Disney Co.’s Disney Development Co., along with Tishman Urban Development Corp., won a three-way contest to build a hotel and entertainment complex in New York’s Times Square district. They outbid groups led by Marriott International Inc. and Milstein Properties to build the complex, part of the city’s effort to revitalize Manhattan’s de facto red-light district. The area will feature a futuristic 47-story hotel and convention center, a “vacation center” for time-share residents and tourists, and a 140,000 square-foot retail and entertainment complex anchored by Disney. Disney also has an option to buy or lease as many as 200 units in the vacation center. Tishman also is managing Disney’s $29-million renovation of the New Amsterdam theater. Construction of the $303-million project could begin as early as next spring.