Developers propose $63M luxury hotel for Kansas City

2 months 2 days 19 hours ago Saturday, September 15 2018 Sep 15, 2018 Saturday, September 15, 2018 2:46:12 PM CDT September 15, 2018 in News
By: The Associated Press

KANSAS CITY, Mo. (AP) — Two real estate executives have proposed a $63.5 million luxury hotel for Kansas City in an effort to boost the area's economy.

Hotel Bravo would have 145 rooms and suites, a high-end restaurant and concierge areas on each floor, The Kansas City Star reported .

E.J. Holtze Corporation President Eric Holtze and Cushman & Wakefield Senior Director Whitney Kerr Sr. are developing the project. They've proposed building the hotel near the Kauffman Center for the Performing Arts.

The luxury hotel would cater to high-end travelers that the city currently isn't serving, Holtze said.

"This hotel has the potential working together with the Kauffman Center to actually create a new market — not to steal from other hotels but to bring in more people from the region and from the nation," he said.

The developers said they've raised $16.5 million in equity and plan to borrow $27 million. They're seeking about $20 million in tax increment financing, which allows them to use increasing property and economic activity taxes generated by the redeveloped land's rising value to help cover the project's costs.

"If the city really wants to have fine hotels like we once had in this community, then this is basically a joint undertaking of the community and ourselves," Kerr said.

If the TIF is approved, Kerr and Holtze would get a 75 percent break on those future property taxes, while 25 percent would go to the city and independent taxing jurisdictions.

___

Information from: The Kansas City Star, http://www.kcstar.com

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