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VOL. 125 | NO. 174 | Wednesday, September 8, 2010

Luxury Hotel Planned for SoFo

By Andy Meek

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An 11-story, 298-room luxury hotel is in the works for a vacant lot across from FedExForum.

Plans for the $68.7 million development project that will bring a new Hilton-branded hotel to the corner of Linden Avenue and Fourth Street will go before the Center City Revenue Finance Corp. Tuesday.

The building will have about 20,000 square feet of meeting space, an outdoor swimming pool on the second floor, 15 “larger average suite-bedrooms,” 24-hour room service and a signature restaurant along with a lobby bar, according to information submitted to the Downtown development agency.

The developers estimate the project will generate an economic impact of as much as $400 million to the city through the course of a 20-year franchise agreement.

The hotel complex would also include a 257-space, 2-story parking garage and 5,000 square feet of retail/restaurant space. Construction is anticipated to start in November and be finished by the end of December 2012.

Center City staff recommends the project be awarded a 15-year tax freeze, which would save the project more than $12 million in taxes.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 38 38 20,670
MORTGAGES 45 45 23,790
FORECLOSURE NOTICES 24 24 3,071
BUILDING PERMITS 187 187 42,781
BANKRUPTCIES 57 57 13,237
BUSINESS LICENSES 23 23 6,645
UTILITY CONNECTIONS 30 30 7,819
MARRIAGE LICENSES 27 27 4,670