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DTFW: New Convention Center Hotel

eastsider

By eastsider
in Dallas - Fort Worth

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eastsider Burg

eastsider

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Last year, officials with the Irving-based Omni company agreed to spend at least $59.3 million to build the hotel, which would include two restaurants, a lobby bar, a pool and an exercise facility. The deal called for the company to receive $29.8 million from the city in tax rebates and other funding, mainly through hotel and sales taxes collected at the hotel over 10 years.

The deal also called for an additional $18.7 million in tax incentives from the county and state.

But now, rising costs for steel, concrete and other building materials have boosted the cost of the project. In addition, Omni officials have indicated that they expect to add about 90 condominiums to the hotel.

The developer says that the $90 million project will now cost 30% more to build due the the rising construction cost and is now asking the city for additional funding. The latest deal calls for a 600 room hotel that would be 15- to 21-stories tall with a 400 space underground parking garage and 48,000 sf of meeting space.

Fort Worth Star-Telegram: City asked to pay more for hotel

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eastsider Burg

eastsider

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fwomni7gj.jpg

Omni is asking for an additional $18 million from the city in tax rebates and cash. The city coucil may vote on the new deal on Tuesday

Omni will put 97 condos atop the hotel tower, which helps the economics significantly. But it wants Fort Worth to subsidize that part of the project, too, until the condos are sold.

Fort Worth Star-Telegram: Is Omni playing us like a chump?

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eastsider Burg

eastsider

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The Fort Worth City Council approved the additional $18M in funding for the convention center hotel by a 8-1 vote on Tuesday.

Proponents said the extra costs were justified because the hotel is projected to bring in $1.8 billion in convention business. Also, Omni Hotels of Irving has agreed to spend $15 million of the construction costs with Fort Worth minority firms, the biggest such contract ever awarded. If Omni doesn't meet the goal, it could lose some of its tax breaks.

Fort Worth Star-Telegram: $18 million more OK'd for hotel

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eastsider Burg

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Groundbreaking was held yesterday for the 34-story Omni Fort Worth Hotel which will have 604 hotel rooms and 97 condominiums. The hotel rooms, as well as meeting space and retail will be located on floors 1-17, while the condos will be located on the floors above. The retail tenants include Bob's Steak & Chop House, Starbucks, and a wine bar.

Sales for the condos will begin in Jan-Feb of 2007 by Personette & Associates who also handled sales at the W Dallas Hotel and Residences.

The condos will range from a 782-square-foot one-bedroom for about $300,000 to a roughly 5,000-square-foot, four- or five-bedroom penthouse for as much as $2 million, said Michael Smith, senior vice president and general counsel for Irving-based TRT Holdings, Omni's parent company.

Fort Worth Star-Telegram: Omni to have upscale condos

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FortWorthology Whistle-Stop

FortWorthology

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The new stadium is actually in Arlington...right next to the Ballpark at Arlington/Ameriquest Field/Rangers Ballpark at Arlington/whatever it's called these days. As best I could tell from driving around, Arlington seems more to me like a part of Fort Worth rather than Dallas...there's a substantial discernable disconnect between Arlington and Dallas that doesn't seem to be there between Fort Worth and Arlington.

I would imagine the NFC team will be staying at maybe the W or something of the like in Dallas?

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krazeeboi Gigalopolis

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I did know that the Cowboys' arena was in Arlington, but I just figured that more of the actual activities would be in Dallas.

Even though I have yet to visit the Metroplex, I kinda figured that Arlington was more connected to Fort Worth than Dallas, since under the old MSA designations, Fort Worth and Arlington constituted one MSA and Dallas had its own MSA.

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RestedTraveler Metropolis

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I did know that the Cowboys' arena was in Arlington, but I just figured that more of the actual activities would be in Dallas.

Even though I have yet to visit the Metroplex, I kinda figured that Arlington was more connected to Fort Worth than Dallas, since under the old MSA designations, Fort Worth and Arlington constituted one MSA and Dallas had its own MSA.

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