FOR IMMEDIATE RELEASE: Dec. 5, 2017
The long-anticipated convention center hotel is set to open in March 2020, placing a modern, 23-story, 800-room luxury structure across from Bartle Hall.
Loews Kansas City Convention Center Hotel is breaking ground in January 2018. The project site is bounded by Truman Road on the north, Baltimore Avenue on the east, 16th Street on the south, and Wyandotte Street on the west and is located in within the Truman & Wyandotte Urban Renewal Area.
The $322 million venture will feature an upscale restaurant, bar and lounge areas as well as associated retail. There also will be a two-story meeting space above three levels of parking, with an elevated walkway over Wyandotte Street that connects the hotel with the Bartle Hall Convention Center. The City is committed to this investment since it is expected to significantly increase economic development, in turn benefiting the entire city.
The Land Clearance for Redevelopment Authority (LCRA) and the Tax Increment Financing Commission (TIFC) recently granted Loews final approval for tax breaks for the project, which is being financed by a $110 million construction loan from Wells Fargo Bank, $79 million in revenue from bonds to be sold by the LCRA and the TIFC, and a $32 million bank loan secured by catering revenue. Private investors will contribute $59.6 million.
The City has committed $35 million in cash, which will be paid from the existing Convention & Tourism sales tax. The City also is contributing $7 million, which is the value of the land owned by City at the hotel site. The City has kept its promise to not commit or risk any General Fund revenues for this project.
The City’s website has been updated with additional information and documentation for those who want more details on the project.