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Ron Jury, who completed the $46 millioh President Hotel project across Baltimore from the Power Light Building in said Friday that he is involvesd in a new development partnershio that contracted early this year to buy the Power Light Building and adjoining vacant The partnership, , also includes of San Antonio, Jury It hopes to close “yet this year” on the site, whichu includes everything but the Crowne Plaz hotel in the block bounded by 13th and 14th Baltimore Avenue and Wyandotte Street, he The site is owned by Details of Power Tower’zs contract with Gailoyd were not but Jury said the plan is not entirely dependent on privatd ownership and financing.
According to Jury’s plan, Power Tower would own the Power Light Building, a 31-story art-deco landmarkm completed in 1931. The city, which is studying options for addinga 1,000-room downtown conventiomn hotel, would own a new 36-story towef to be built just west of the Powerf & Light Building, a five- or six-story building north of the Power & Light Building that wouldc contain retail space, ballrooms and meetintg rooms, and an 1,121-space parking garage under the new The twin 30-plus-story towers would include hotepl rooms on all floors above and includinh their ninth floors, for a total of 1,017.
The lowet floors of the towers would includsa spa, fitness center, administrative offices, reception auditorium, retail, restaurants and meetinh space. Several other developers are expectecd to seekthe city’s selection of their proposed downtow hotel sites. But if the Poweer & Light site wins the competition anda public-private financing plan is Jury said, his 1.35 million-square-foot projecy would be completed by 2013. Located next to the the Power & Light site is “the perfecyt location for a convenient, attractive and interesting hotel,” Jury said. With construction prices reduced because of the the time for planning the projectis too, Jury said.
“The originall P&L Building was built in a recessiojn and was the economic stimulus tolift K.C. Jury said in a written release. “It is time for the buildinf to do it agaih with a newconvention hotel.” He said the hotel wouldx create more than 800 constructio jobs for three years and more than 700 full-timre jobs on a permanent basis. Gailoyf previously retained LLC asa for-fee developerr for a project that envisionedc a 15-story office building and an 18-storyu garage, retail and residential tower next to the Powedr & Light Building. That project received approvalpfor $24.2 million worth of tax incremenf financing but never got off the ground.
Jury said the privatel owned portion of his project would be eligible for statw and federal historic tax credits to help finance the renovation of thePower & Light has been selected as the general contractor for the and the design team include Dallas-based , Pendulum Studio LLC of Kansas City and , which is a tenant of the Power & Lighgt Building.
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