51.9 F
Fort Worth
Sunday, October 25, 2020
Event News Council Report: Museum District hotel plan approved

Council Report: Museum District hotel plan approved

Other News

Exxon’s oil slick

Exxon Mobil is slashing its capital spending budget for 2020 by 30% due to weak demand caused by the COVID-19 pandemic and a market...

Folk music’s Mark Twain: 7 Essential tracks from John Prine,

NEW YORK (AP) — Some people, the songs just come out of them. For nearly half a century, they tumbled out of John Prine...

Tarrant County records another COVID-19 death

Tarrant County Public Health (TCPH) on Wednesday, April 8 reported that a resident of Euless has died as the result of the COVID-19 virus....

Tradition stymied: A year unlike any since WWII for Augusta

The Masters is so intertwined with Augusta, they added an extra day to spring break.You see, the first full week of April isn't just...

The Museum District is getting a new hotel after all.

The Fort Worth City Council on March 26 approved the construction of a new hotel in the city’s cultural district from FW Museum District Resort Partners, LLC.

A well-known group that specializes in hotels near museums will now build one near the Kimbell Art Museum. The company, 21C Museum Hotels, is based in Kansas City. Their hotels includes a multi-venue contemporary art museum, coupled with a boutique hotel and chef-driven restaurant. This would be their first venture into Texas, with the nearest being in Oklahoma City.

Local architectural firm Bennett Benner Partners is bringing the hotel to town at Camp Bowie Boulevard and Van Cliburn Way. It is expected to have 171 rooms and a minimum four-star rating, 9,000 square feet of meeting space with an art lobby, and a 4,500 square feet restaurant with a bar.

It will also be within walking distance of the Dickies Arena, which is expected to open in November, though the hotel would likely not open until shortly after the arena.

“It’s great match for the cultural district,” said District 7 Councilman and Mayor Pro Tem Dennis Shingleton, in whose district the property lies. “It’s going to be beautiful and fill a great need for the city.”

The developer has committed to:

*A $70 million capital investment by Dec. 31, 2021.

*A minimum of $56 million in hard costs.

*A minimum of 15 percent hard and soft costs to Fort Worth Minority/Women Business Enterprise contractors.

*Design project to meet supplemental design standards to ensure compatibility with surrounding properties.

*Enter into a room block agreement.

The Chapter 380 agreement with the city includes:

*12-year Chapter 380 economic program agreement with a two-year payback.

*80 percent of the City of Fort Worth’s 7 percent hotel occupancy tax (HOT).

*Total value not to exceed $10 million.

Chapter 380 of the Local Government Code authorizes municipalities to offer incentives designed to promote economic development such as commercial and retail projects.

The city’s tax revenue over 10 years is an estimated:

*Net New Property Tax, $2,033,145.

*Net City HOT, $5,605,015.

*Net State HOT, $9,891,203.

*City 1 percent sales tax, $925,926.

*Crime Control and Prevention District, $462,963.

*Transportation District, $462,963.

The decision comes after two previous failed attempts by Heart of America, based out of Illinois, to bring a Hotel Renovo into the area.

Latest News

Who killed Sweden’s prime minister? 1986 assassination of Olof Palme is finally solved – maybe

Andrew Nestingen, University of Washington It took 34 years,...

Fort Worth Police seeking man who robbed diners on Southside restaurant patio

Fort Worth Police are seeking a man who robbed diners at an outdoor patio on Hemphill Street on the city's Southside.

Democratic state Rep. Senfronia Thompson files to run for speaker of the Texas House

By Cassandra Pollock, The Texas Tribune Oct. 23, 2020 "Democratic state Rep. Senfronia Thompson...

Europe, U.S. watch case totals grow, debate new restrictions

CHICAGO (AP) — Confirmed coronavirus infections continued to soar Saturday in many parts of the U.S. and Europe. In some cases, so...

Authorities find 2 abducted girls after 2 boys are killed

By HEATHER HOLLINGSWORTH The Associated PressMISSION, Kan. (AP) — Authorities found two girls who were abducted from a Kansas home where two...