33.9 F
Fort Worth
Monday, November 30, 2020
Event News Museum Place hotel vote delayed until March 7

Museum Place hotel vote delayed until March 7

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...

What’s another couple of weeks for something great?

That’s the approach of the Fort Worth City Council as they tabled a vote on the proposed new luxury hotel for the Museum District. The proposal is expected to be on the agenda when the council meets again on March 7.

District 7 Councilman Dennis Shingleton, in whose district the hotel will be, said the delay in the vote is centered around a discussion of the elevation of the hotel. The artist’s rendering calls for it to be 150 feet tall, he said.

“We’ll not solve those questions today, but we hope to in the next couple of weeks,” Shingleton said.

He added that enthusiasm about the proposed new Hotel Renovo and an agreement with Heart of America (HOA) is still strong.

“We have wanted a first-class five-star hotel in the Cultural District for years,” he said.

The new hotel is planned for 3300 Camp Bowie with access from The Modern and Kimbell art museums. It will feature 12 floors, 196,000 square feet, and a full-service restaurant.

Under the proposal, the city will provide 100 percent of the costs from its 7 percent hotel occupancy tax with annual caps. The city will own the land lease to the developer.

The projected cost is $47 million in real property investment, $36.5 million in hard construction costs. Occupancy is planned by Dec. 31, 2019, the same year the new arena in the Museum District is also expected to open.

City officials estimate the new hotel could provide up to $6.7 million in sales tax over the 16 year agreement. The additional sales tax could be used to help pay off the arena, a cost of about $13.8 million over the 16 years.

The new hotel is projected to create at least 30 full-time jobs by Dec. 31, 2020. Of those, 60 percent would include Fort Worth residents and 25 percent would be Fort Worth Central City. The hotel’s annual spending, per agreement, would be at least 15 percent with Fort Worth companies and 15 percent with Fort Worth Minority/Women in Business Enterprise.


close






Oh hi there 👋
It’s nice to meet you.

Sign up to receive awesome content in your inbox.

We don’t spam! Read our privacy policy for more info.

Latest News

JRB Fort Worth chosen for main operating base for C-130J aircraft

Naval Air Station Joint Reserve Base Fort Worth has been selected as a main operating base for eight C-130J aircraft at the 136th Airlift...

Jacobs Engineering: Fiscal 4Q Earnings Snapshot

DALLAS (AP) _ Jacobs Engineering Group Inc. (J) on Tuesday reported fiscal fourth-quarter net income of $82 million.On a per-share basis, the Dallas-based company...

Tarrant County DA’s office changing how it handles misdemeanor marijuna cases

The Tarrant County Criminal District Attorney’s Office is changing how it handles misdemeanor marijuana cases. The Tarrant County  Criminal District Attorney’s Office on Monday, Nov....

Arlington selects new police chief from Baltimore department

Col. Al Jones, a 25-year veteran of the Baltimore County Police Department, has been appointed the new police chief of the the City of...

Arlington firm designing new hotel in Las Colinas

Arlington-based Type Six Design & Development has announced the firm has received zoning approval from the City of Irving for a new six-story Hotel...