[JonathanGRR]

One proposed hotel receives extension
Another has its work plan and development agreement approved.
David Czurak | June 7, 2013

[Embassy Suites Hotel discussion...]

At the same time, the brownfield authority provided support for another hotel proposed for the city by approving its work plan, development contract and reimbursement agreement.

Third Coast Development Partners, owned by Dave Levitt and Brad Rosely, wants to put up a 94,000-square-foot hotel and a 30,000-square-foot office building on its Mid Towne Village development, which is just north of Michigan Street NE along the Medical Mile.

This $31 million project will mark the development’s second phase, will fill the village and will bring its total investment to $68 million. The hotel will have a parking ramp, while the office structure will have below-ground parking. Both parking facilities qualify as reimbursable activities under state law because both are part of a new development and aren’t surface lots. Third Coast has nearly $7.5 million in those activities that will be reimbursed through tax-increment financing once the work is done.

“The neighborhood association is in favor of the project,” said Wood.

The hotel is expected to offer 149 rooms. Construction is set to begin this year and be finished about halfway through 2015. Work on the office building will start in 2015 and be completed in 2016.

http://www.grbj.com/articles/77050-o...ives-extension