The area surrounding Interstate 215 near Russell Road is hardly what anyone might call a dining destination. Other than brunch staple DW Bistro, pizzeria Due Forni and a handful of hit-or-miss Thai and taco joints, the southwest quadrant of the Valley is effectively a culinary desert. The Gramercy, however, could be the remedy.

Last June, the former Manhattan West site lay fallow, a casualty of the Great Recession that left the $180 million residential, office and retail project unfinished and with an uncertain future. WGH Partners, which specializes in turning around distressed properties, purchased the site with the Krausz Companies, retitling it the Gramercy, after New York’s famed park of the same name. The owners aim to re-create the neighborhood feel of that tree-lined community with the project’s four-story luxury lofts (160 units) and mixed-use dining, retail and office space; a nine-story condo tower with 85 units will arrive in a later phase. In all, the Gramercy encompasses 500,000 square feet over 20 acres, plus underground parking, and it has been moving full-steam-ahead to meet the late 2014 deadline set for Phase 1.