In 2007, Parkview began to acquire a series of small buildings at 292, 294 and 296 Fifth Ave to create an assemblage for a new, ground-up hotel. Over the subsequent seven years, the buildings were vacated and demolished to make way for the new.
Parkview began developing a "Factory Fifth" concept with Starwood and architect Thomas O'Hara in 2008, which was supplanted by a subsequent partnership with boutique hotel developer Richard Born of BD Hotels. Together, they created plans for a 20-story tower with 57,000 square feet of space, including 125 hotel rooms and 12 apartments, designed by architect Gene Kaufman.
In 2017, after all three sites were acquired, vacated and demolished, Parkview and partners sold the combined development site to hotelier Sam Chang's McSam Hotel Group for $42.5 million. Although Parkview's hotel construction plans were not fully realized, the partnership realized a $10 million profit on the sale of the assemblage.