Texas
Related: About this forumIrving city council vote tonight could bring $90 million hotel to convention center
The city has lined up a developer who promises to build a ritzy, $90 million Marriott or Starwood hotel next to its Convention Center, which officials say sorely needs one. Council will vote tonight on a non-binding incentive agreement that will help seal the deal though those incentives will cost the city a pretty penny as well.
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The hotel, either a Marriott or Starwood, would have at least 350 rooms and a 10,000 square foot ballroom, among other amenities.
Mortenson Development Inc. would build it next to the convention center, spending an estimated $90 million.
In return, the city would spend about $9 million to build a parking garage and skybridge connecting to the convention center.
More at http://irvingblog.dallasnews.com/2013/02/council-vote-tonight-could-bring-90-million-hotel-to-convention-center.html/ .
[font color=green]This story is of personal interest since I used to live near and work in the Las Colinas Urban Center. I was trying to locate whether the specific location will be along either the John Carpenter Freeway (SH-114) or Northwest Highway (SH-348).[/font]
msongs
(67,420 posts)once again taxpayers are being taken for a ride so private business can profit.
TexasTowelie
(112,252 posts)It does appear that corporate welfare has become contagious.
The last time that I was in the area hotel rates were about $140/night at Holiday Inn Express and Aloft. I expect that the rates for this hotel will approach the $200 range.
Bolo Boffin
(23,796 posts)They certainly are throwing money at it like we do. I guess Keynsian stimulus is OK if local governments do it.
TexasTowelie
(112,252 posts)While the convention center is nearly new, the bigger issue in my opinion is having lodging that would be considered mid-range ($75-$100). There is supposed to be a new development called Water Street that is across from Williams Square which will include a hotel, but I expect that will also be expensive.
A more significant need for the Las Colinas district is a decent grocery store since the area is being developed with an eye towards being pedestrian friendly. The nearest grocery store is a Tom Thumb about a mile away and I will state that the prices at that particular store are also fairly high.
Apartments developed in the area are running about $900/month for a 1/1 with about 650 square feet and increasing accordingly on size and view of Lake Carolyn.
The area doesn't seem conducive for the 47% and probably the next 25% or so after that. It looks like only about 25% of the people will earn enough to live or frequent the area.