Monday, February 14, 2011

Downtown Holiday Inn concept approved

Following nearly three years and three revisions, concept plans for Downtown Cincinnati's first newly-built hotel since 1984 have been approved by Cincinnati City Council.

Rolling Hills Hospitality (Downtown Hills, LLC) plans to build a $14 million, 11-story, 200-room Holiday Inn Hotel & Suites at the corner of Seventh Street and Broadway.

The deal is contingent on a land swap between the developer and the City. The developer would swap the former American Red Cross headquarters at 720 Sycamore Street in exchange for a portion of the 257-space Seventh Street Garage, which the City deems outdated.

The City then will demolish the Seventh Street Garage and build a new 610-space public parking garage with ground-floor retail along Sycamore Street, between Seventh and Eighth streets.

The garage and the new north-south street that will serve it is expected to cost $11.5 million and would be financed through net operating income from the new garage and tax increment financing revenues from the hotel.

Cincinnati City Council still must approve of a final development plan for the project site before construction can begin.

The Holiday Inn Hotel & Suites would join two other hotel projects already underway Downtown – the 134-room Residence Inn Cincinnati Downtown extended-stay hotel at the former Phelps Apartments in Lytle Park, and a 157-room 21c Museum Hotel in the former Metropole Hotel on Walnut Street in the Backstage District.

Previous reading on BC:
Downtown Holiday Inn closer to reality (2/8/11)
Seventh Street Garage to be replaced (2/1/11)
New, green American Red Cross HQ draws dignitaries (6/22/10)
City approves rezoning for Downtown hotel (9/30/08)
EDC to hear proposal for new Downtown hotel (9/19/08)