VOL. 125 | NO. 174 | Wednesday, September 8, 2010
Luxury Hotel Planned for SoFo
By Andy Meek
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.