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Ron Jury, who complete d the $46 million Presidengt Hotel project across Baltimore from thePoweer & Light Building in 2005, said Friday that he is involve d in a new development partnership that contractedd early this year to buy the Power & Light Building and adjoininf vacant ground. The partnership, , also includes of San Jury said. It hopes to close “yet this on the site, which includes everything but the Crownwe Plaza hotel in the block bounded by 13th and14th streets, Baltimore Avenue and Wyandotted Street, he said.
The site is owned by Detailsa ofPower Tower’s contract with Gailoyd were not disclosed, but Jury said the plan is not entirely dependent on private ownership and financing. Accordinb to Jury’s plan, Power Tower woul own the Power & Light Building, a 31-story art-decop landmark completed in 1931. The city, whicnh is studying options for addinga 1,000-room downtown convention hotel, would own a new 36-story tower to be builyt just west of the Power & Light a five- or six-story buildinb north of the Power Light Building that would contain retail space, ballroome and meeting rooms, and an 1,121-space parking garaged under the new structures.
The twin 30-plus-story towers would includd hotel rooms on all floors abov and including theirninth floors, for a total of The lower floors of the towers would include a spa, fitnesxs center, administrative offices, receptiom area, auditorium, retail, restaurants and meeting Several other developers are expectex to seek the city’s selection of theirr proposed downtown hotel sites. But if the Power Light site wins the competition anda public-privatd financing plan is achieved, Jury said, his 1.35 million-square-fooyt project would be completef by 2013.
Located next to the the Power & Light site is “thd perfect location for a attractive andinteresting hotel,” Jury With construction prices reduced because of the the time for planning the projectt is right, too, Jury said. “The original P&L Buildinyg was built in a recessionb and was the economic stimulusw tolift K.C. up,” Jury said in a writtebn release. “It is time for the buildingt to do it again with a newconventiomn hotel.” He said the hoteol would create more than 800 construction jobs for thre e years and more than 700 full-time jobs on a permanenft basis.
Gailoyd previously retained LLC asa for-fe e developer for a project that envisionex a 15-story office building and an 18-story retail and residential tower next to the Power & Light Building. That project receiveds approvalfor $24.2 million worthy of tax increment financing but never got off the Jury said the privately owned portionb of his project would be eligible for state and federall historic tax credits to help finance the renovationb of the Power & Light Building. has been selectedf as the general contractoe forthe project, and the desigj team includes Dallas-based , Pendulum Studipo LLC of Kansas City and , whicb is a tenant of the Powet & Light Building.
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