Texas

TexasTowelie

(112,237 posts) Thu Feb 7, 2013, 09:30 PM Feb 2013

Irving 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]

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Irving city council vote tonight could bring $90 million hotel to convention center (Original Post) TexasTowelie Feb 2013 OP

in the spirit of free enterprise and cutting government spending, let developers pay for it all. msongs Feb 2013 #1

There are also other tax incentives and rebates mentioned in the link. TexasTowelie Feb 2013 #2

Do we need another one of those? Bolo Boffin Feb 2013 #3

It certainly is debatable. TexasTowelie Feb 2013 #4

msongs

(67,413 posts)

1. in the spirit of free enterprise and cutting government spending, let developers pay for it all.

Reply to TexasTowelie (Original post)

Thu Feb 7, 2013, 09:47 PM

Feb 2013

once again taxpayers are being taken for a ride so private business can profit.

TexasTowelie

(112,237 posts)

2. There are also other tax incentives and rebates mentioned in the link.

Reply to msongs (Reply #1)

Thu Feb 7, 2013, 09:52 PM

Feb 2013

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)

3. Do we need another one of those?

Reply to TexasTowelie (Original post)

Thu Feb 7, 2013, 10:33 PM

Feb 2013

They certainly are throwing money at it like we do. I guess Keynsian stimulus is OK if local governments do it.

TexasTowelie

(112,237 posts)

4. It certainly is debatable.

Reply to Bolo Boffin (Reply #3)

Thu Feb 7, 2013, 11:05 PM

Feb 2013

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.

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