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.