KANSAS CITY, Mo. -- The proposed 800-room convention hotel in downtown Kansas City is slated to be constructed starting in January.
If the financing structure is approved, the developer will break ground on Loews Hotel in downtown @kcmo in January. The hotel would be finished in 2020. @41actionnews pic.twitter.com/0ah320hcZm
— LisaBenson (@LisaBensonTV) November 28, 2017
The January groundbreaking will occur if the Land Clearance Redevelopment Authority board approves the developer’s plan for financing and land acquisition on Wednesday.
New York-based developer Loews Hotels & Co. intends to build an $300 million dollar hotel near 16th and Wyandotte. The developer will go before the Land Clearance Redevelopment Authority board for approval for the financing structure, which includes multiple participants.
Greg Flisram is the senior vice president of the Economic Development Corporation of Kansas City.
"Also to be approved tomorrow is the first tranche of public financing of about $110 million. The city is not at risk for any of this. The city's not backing up or guaranteeing with the full fait and credit of the city any of these bonds. They're all performance based." Flisram said.
Loews Hotels & Co. is investing more than $59 million. The city is contributing $35 million, which will be be paid from the city's convention and tourism taxes.
"Hotels like this are economic development tools. So it's a great investment for the city,"Communications Director for KCMO Chris Hernandez said.
The proposed convention center will sit on three acres, and be completed by 2020.
