Developers propose $63M luxury hotel for Kansas City
Two real estate executives have proposed a $63.5 million luxury hotel for Kansas City in an effort to boost the area’s economy.
The Kansas City Star reports that Hotel Bravo would have 145 rooms and suites, a high-end restaurant and concierge areas on each floor.
E.J. Holtze Corporation President Eric Holtze and Cushman & Wakefield Senior Director Whitney Kerr Sr. are developing the project. They’ve proposed building the hotel near the Kauffman Center for the Performing Arts.
The developers say they’ve raised $16.5 million in equity and plan to borrow $27 million.
The developers are seeking about $20 million in tax increment financing, which allows them to use increasing property and economic activity taxes generated by the redeveloped land’s rising value to help cover the project’s costs.