COLUMBIA — Dave Parmley, owner of downtown hotel The Broadway, is asking for three more years to build a second hotel tower for which he won tax-increment financing in 2017.
The deadline for finishing the second tower would be Dec. 31, 2024, if the Columbia City Council approves the extension.
The 73,000-square-foot, seven-story tower, originally approved for tax increment financing on Dec. 4, 2017, will replace the existing building at 1104 E. Walnut St. and be connected to the exiting hotel tower by a skywalk. At the time of the approval, Parmley estimated construction would begin in spring 2018 and be done by fall 2019, according to previous Missourian reporting.
The City Council on Feb. 17, 2020, agreed to extend the construction deadline from Oct. 1, 2020, to Dec. 31, 2021.
On Tuesday, Parmley cited COVID-19 as the main contributor to the construction delays.
“Everything in the answer is COVID,” he said.
As COVID-19 sanctions are lifted in Columbia, Parmley believes construction of the second building will be finished sooner than the 2024 deadline.
Parmley said when he applied for $2 million worth of tax increment financing assistance that he couldn’t afford to build the tower without it. The development incentive will allow to funnel the increased property taxes he normally would pay on the new tower into the project instead.
Mayor Brian Treece opposed Parmley’s request for tax increment financing on the second tower. He could not be reached for comment about whether he would agree to extend the construction deadline.
Parmley’s plans for the new tower would include an additional 80 rooms and 7,000 square feet of meeting space.
An ordinance granting the extension was introduced at the council’s Monday meeting and a final decision is scheduled for June 21.