Durst Fetner Residential and Ian Schrager have revealed plans to build a 56-storey hotel and residential tower on the southern side of Herald Square, Manhattan, US.

The 486,000ft2 tower will have 60,000ft2 of retail space on the first and second floors.

The 250-room hotel will spread across the first 16 floors of the building and the 315 rental units will take up all floors above the 20th.

Durst Fetner and Schrager will both have an ownership stake in the hotel while the residential tower will be completely owned by Durst Fetner.

The hotel will be designed by Schrager’s in-house team and Cook + Fox Architects will design the building.

Construction on the project is expected to start in spring 2012 and be completed in 30 months.