Two developers want to build hotels and residential units on the College Square block north of the convention center.
The city’s redevelopment commission asked for proposals after negotiations to swap land for the convention center host hotel with the Capital Improvement Board never materialized.
The CIB selected Dora / Louderback JV to build a 200-room host hotel south of the current convention center last week.
See the Concord and Dora proposals from a B Square Bulletin records request.
The same developer is also offering an upscale boutique hotel at College Square that would offer room blocks with the convention center hotel site under Dora’s management.
It’s also proposing 100-unit market-rate apartments along 4th Street and the B-Line Trail. The proposal states it’s not student housing, but units aimed at young professionals and working adults.
The other proposal comes from Concord Hospitality, TWG Development, RATIO Design, and Shiel Saxton. Their proposal calls for the land swap of College Square and Seminary Pointe properties.
They want to build 200 units of mixed-income housing on the Seminary Pointe land.
The proposal asks the CIB to keep all existing surface parking to serve the convention center with a 160-room hotel at College Square, despite the CIB’s selection of a host hotel last week.
Concord wants to leverage land value from the Seminary Pointe parcels to offset costs for the College Square property. It also wants to use Tax Increment Financing, or TIF, revenues.
Dora is offering $1 million at closing, then 2% of hotel room revenue each year until it reaches $4 million. It also requests a TIF allocation to support the development.
The two proposals were briefly introduced at this week’s RDC meeting with more in-depth discussion scheduled for the August 3 meeting.
