. Omni is under contract with TCC to purchase the property. The city of Fort Worth would contribute $53 million in incentives to the project.
The expansion will come in the form of a second, smaller tower. Upon completion, the Omni Fort Worth will have 1,008 rooms over two blocks from the Fort Worth Convention Center along Houston Street. The project was originally expected to start moving forward in 2020 before being sidelined because of COVID-19. The Omni has committed to creating 50,000 square feet of meeting space in the new tower and 15,000 square feet for a restaurant facing Lancaster Avenue. In exchange, the city would contribute incentives to improve the surrounding streetscape.
According to the city, the luxury hotel chain must spend a minimum of $202.3 million on the expansion, with 15% of hard and soft costs to minority and women-owned contractors. Completion is required by the end of 2026. The Omni also committed to transforming a TCC parking lot, across Throckmorton Street from the new hotel tower, into a 200-space parking garage estimated at $6 million. The city will own the garage, but the hotel will lease it and be responsible for constructing, maintaining and operating the structure. After 10 years, the hotel will have the option to purchase.
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: DallasBizNews - 🏆 525. / 51 Read more »
Source: DallasBizNews - 🏆 525. / 51 Read more »
Source: DallasBizNews - 🏆 525. / 51 Read more »
Source: DallasBizNews - 🏆 525. / 51 Read more »