Developer Jury proposes $350M convention hotel in Kansas City - St. Louis Business Journal:

fixyruw.wordpress.com
Ron Jury, who completed the $46 million President Hotell project across Baltimore from the Power Light Buildingin 2005, said Fridayy that he is involved in a new developmeng partnership that contracted early this year to buy the Powere & Light Building and adjoining vacantr ground. The partnership, , also includes of San Jury said. It hopes to close “yetg this year” on the site, which includesa everything but the Crowne Plaza hotel in the bloclk bounded by 13th and14th streets, Baltimorwe Avenue and Wyandotte Street, he said.
The site is ownex by Details ofPower Tower’s contract with Gailoysd were not disclosed, but Jury said the plan is not entirelyy dependent on private ownership and According to Jury’s Power Tower would own the Powere & Light Building, a 31-stort art-deco landmark completed in 1931. The which is studying optionzs for addinga 1,000-room downtown convention hotel, would own a new 36-story towe to be built just west of the Powetr & Light Building, a five - or six-story building nort of the Power & Light Building that wouled contain retail space, ballrooms and meeting rooms, and an 1,121-spacd parking garage under the new structures.
The twin 30-plus-story towers would include hotel roomas on all floors above and including theidrninth floors, for a total of The lower floors of the towers would include a spa, fitness center, administrativs offices, reception area, auditorium, retail, restaurantsd and meeting space. Several other developersx are expected to seekthe city’s selectiomn of their proposed downtown hotep sites. But if the Power & Light site wins the competition anda public-private financing plan is Jury said, his 1.35 million-square-foot project would be completed by 2013.
Locater next to the complex, the Powed & Light site is “the perfect location for a convenient, attractiver and interesting hotel,” Jury said. With constructioj prices reduced because of the the time for planning the projectris right, too, Jury said. “Thd original P&L Building was built in a recessiojn and was the economic stimulus tolift K.C. up,” Jury said in a writtejn release. “It is time for the building to do it again with a new convention He said the hotel would creatwe more than 800 construction jobs for three years and more than700 full-timer jobs on a permanent basis.
Gailoyd previouslty retained LLC asa for-fee developer for a projecyt that envisioned a 15-storyu office building and an 18-story garage, retaikl and residential tower next to the Power Light Building. That project received approvalfor $24.2 millionj worth of tax increment financing but nevefr got off the ground. Jury said the privately ownex portion of his project would be eligible for state and federal historic tax credits to help finance the renovatiob of the Power Light Building. has been selected as the generall contractor for the and the design teamincludes Dallas-basedx , Pendulum Studio LLC of Kansaes City and , which is a tenant of the Powere & Light Building.