Globally branded luxury lifestyle hotel & event center. The existing 1905 four story building will be restored and be the hotel lobby and event space. The 24 story tower will be set to the back of the property. Floors 1 through 4 will include restaurant, bar, catering space, meeting rooms, spa and conference rooms. Floors 7 through 23 will be 225 hotel rooms of which 75 will be extended stay format (larger size). There will be a rooftop pool with a hydro floor that can be raised for inclement weather. The iconic architecture provides the art betterment component. The developer is adopting the highway medians, providing plantings and creating a pedestrian bridge to connect to the downtown and train station. It will connect to the LINC. The developer is Ward Capital. The architect is Gregory Sharp Architect, PC.

Project Data*

Building
Budget: $75,310,494
Studios: 
1BR: 
2BR: 
3BR: 
4BR: 0
Affordable: 
Total: 225
Parking: 340
Stories: 24
Retail Space:  sqft
Occupancy
Residents: 0
Students: 0
School: 

Jobs
Construction: 300
Permanent FT: 250
Permanent PT: 50
Dates
Status: IDA Approval

Planning Board Approval: 
IDA Approval: 6/26/2019
Constr. Start: 
Length: 
Completion: 
Tax Incentives
"As Is" Tax: $2,369,469
Full Property Tax: $33,994,815
PILOT: $17,271,179
Owner Savings: $16,723,636
PILOT (yrs): 20

Mortgage Tax Exemption: $479000
Fair Share Mitigation: $

Data Last Updated: 7/3/2019

*Data listed here is subject to change. FOIL/FOIA requests are pending to obtain any missing data. Some of these numbers are estimated. Data comes from city documents.

** GLOSSARY TERMS: "As Is" taxes are the taxes of the property before development. Full Property Taxes are the taxes of the property after development. PILOT means Payment in Lieu of Taxes, which is less than full property taxes. Owner savings is the property tax abatement in dollars and as a percent of Full Property Taxes. PILOT length is the number of years that the PILOT is in effect. Fair Share Mitigation (FSM) fees are monies collected by the City from the developer to cover future infrastructure needs. The school system gets approximately 2/3 of the FSM fees.

*** Residents are calculated as follows: Studios = 1, 1BR = 1.5, 2BR = 3, 3BR = 4.5 (NDC formula) Students are calculated as follows: Studios (*0), 1BR (*0.014), 2BR (*0.141), 3BR (*0.213) (NDC formula)

*Data updating and collection is done by volunteers and may contain the occasional error or miscalculation.

Progress Gallery

7/1/2019


7/1/2019


Map courtesy Bing maps

7/1/2019