CHARLESTON — The Charleston City Finance Committee heard the preliminary plans for a new hotel in the Capital City at its meeting Monday night.
Newmark Grubb Knight Frank, a large real estate company based in New York City, had representatives on hand to make a presentation detailing a small hotel that would be built on the Morris Street block near Appalachian Power Park.
“We want to improve the parking lot, add additional parking adjacent to the lot and we feel hospitality is the perfect match there,” said Newmark Executive Director from Pittsburgh Martin Perry. “You have CAMC nearby, Clay Center, the Capitol, and of course the baseball field, all of which we feel are drivers for hotel rooms.
Perry described the potential project as costing in the range of about $20 million, and said the hotel would be a small “botique” style hotel, but a name brand such as Hilton or Marriott.
“We’ve seen some economic development happening around the ballpark, it’s been 11 or 12 years, so this is a continuation of what the initial vision was,” said City Manager David Molgaard. “Certainly a project of this nature would continue the vision and the effort and the ideas that we have for bringing that area to life.”
Perry described the status of the potential project moving forward.
“We need to get some feedback from the city, which we encourage. Hopefully we can be allowed to move forward with our due dilligence, and turn the conceptual plans into real site plans, and work out economic terms with the city in terms of a longterm ground lease. Allow us to apply for financing and start vertical construction,” he said.
Molgaard said city council would examine the project in the coming months.
“Our next plan is to sit down and discuss potential terms of a longterm lease agreement with the developers, and bring that back to council for their thoughts and/or blessing,” said Molgaard.