The project, put together by local developer Clay Carley and Madison, Wisc. based Raymond Group, will include a 140 room hotel and 600 space parking garage on a large parcel bound by Front St., 5th St, and 6th St.
The hotel will carry the Home2 Suites by Hilton brand Carley confirms. The Home2 brand is an all-suite hotel concept aimed at travelers who need to make extended stays.
The Capital City Development Corporation approved $1.478 million in funding for a raft of improvements surrounding the hotel – including utility work, pavers, street lights, benches, bike racks and the like.
The project is expected to cost $43.25 million, and is on track for a late 2019 or early 2020 opening. Carley will own and operate the parking garage while Raymond will do the same for the hotel portion of the project. The nearby Hampton Inn and Suites is also operated by the Raymond Group.
The hotel will feature an indoor pool area with features like geysers and a basketball hoop. A bar and lounge is also planned, with patio space along Front & 6th, with an indoor/outdoor fireplace.
A public plaza is set for the corner of Front and 6th, with a lawn area, brick pavers and trees.
The joint venture of Carley and Raymond is acquiring a so-called “remnant parcel” owned by CCDC that used to be the roadbed for Front St. before it was realigned more than 30 years ago.
- The group will pay the public agency a discounted rate of $300,000 – with the agreement that the hotel and garage must be built within three years.
- CCDC will then provide the $1.478 million in public dollars for the public improvements.
- CCDC agrees to lease 200 spaces in the garage for $150 each per month – or a total of $360,000 per year. CCDC will then resell those spaces.
|Inn at 500 Capitol||Capitol & Myrtle||104||7||Open||Boutique|
|Residence Inn by Marriott||Capitol & Myrtle||186||10||Open||Extended stay|
|Hyatt Place||10th & Bannock||152||5||Open||Business|
|Hilton Garden Inn||13th & Front||132||5||Under Construction||Business|
|Home2 Suites||5th & Front||140||6||Late 2019||Extended Stay|