Fort Worth is drawing a lot of visitors and new residents by the day, so places for folks to stay is in demand.
Another new hotel could be on its way at 714 Main St., site of the Transport Life Building once owned by XTO, which shifted its corporate offices to the Houston area. The proposal is for it to be redeveloped into a Kimpton Hotel by Developer Services Inc.
Economic Development Director Robert Sturns, who gave a presentation to the city council at the Oct. 24 work session, said his office is proposing an economic development program agreement based on the hotel occupancy tax capped at $6 million.
The 220-room hotel, which would have a minimum four-star rating, would be located at the northwest corner of Main Street and 7th Street downtown.
The building, which opened in 1922, is 24 stories and part of the National Registry of Historic Places. It is considered a City of Fort Worth Highly Significant Endangered Landmark.
JLL Executive Vice President Ryan Matthews has been tabbed to lead marketing efforts for the property on behalf of XTO.
The developer has committed to:
• A $56 million capital investment.
• Minimum of 30 full-time equivalent employees.
• 10,000 square feet of meeting space, a 3,100 square foot restaurant, and a 3,100 square foot penthouse bar.
The proposed agreement is for 10 years and will incorporate about 58 percent of the city's 7 percent hotel occupancy tax, with a total value not to exceed the aforementioned $6 million.
"I think it's an exciting use of a building and a beautiful addition to downtown," Mayor Betsy Price said.
Other public support will include state and federal historic tax credits, and a tax increment finance reimbursement of $650,000.
The estimated benefit over the decade, including the TIF, is $6.2 million.
The building was designed by Sanguinet & Staats with Mauran, Russell, and Crowell as associate architects.
Other hotels by the developer include the Candler Hotel in Atlanta, the Hotel Van Zandt in Austin, and the Le Meriden Hotel in Houston and Tampa, Florida.
Council is expected to vote on the proposal at its Oct. 30 meeting.