Update: Convention Center Hotel On Track for 2015 Opening
Before the end of the year, private developers expect to break ground on a 350-room, full-service headquarters hotel adjacent to the two-year-old Irving Convention Center at Las Colinas. This news follows council’s approval of a Memorandum of Understanding (MOU) between the City of Irving and Mortenson Development.Terms of the MOU detail the financial commitments of the involved parties, and the majority of the financial responsibility for the $90 million hotel project rests with private developers and investors.
Of the estimated $90 million needed to bring the hotel project to Irving, only 10 percent (approximately $9 million) will be borne by city financing for necessary public infrastructure improvement projects that will support the addition of a new full-service hotel for the convention center. The city’s contribution will be earmarked for the construction of a 300-space parking garage and sky bridge that will serve the convention center as well as the hotel. City funding also will see to it that additional public improvements, such as site preparation as well as underground utilities, are addressed.
Based on the hotel’s performance, the developer has the ability to recover up to $19 million in present value over a 10- to 20-year period through tax reimbursements, rebates and other incentives. The developer is responsible for procuring all necessary private funding to finance, design, develop and construct the hotel that will feature 20,000 square feet of meeting room space.
The addition of a privately owned and operated hotel will add to Irving’s business community and bring significant economic development benefits. A full-service hotel adjacent to the convention center is expected to attract large-scale conventions to the city as well as new dining options to the area. Building the new hotel will require hundreds of construction workers and Irving’s economy stands to gain numerous permanent jobs upon the grand opening. Disclosure of the hotel brand as well as details on the groundbreaking are forthcoming. Grand opening is slated for late 2015.
Posted April 8