10-11-2013 09:09 PM

TIF district approved for Kansas City 21c hotel


An affiliate of 21c Museum Hotels LLC plans to turn the historic Savoy in Kansas City into a 120-room boutique hotel. The project also calls for a 5,800-square-foot restaurant and bar, event space and a contemporary art museum.





Plans for a $47.5 million 21c Museum Hotel in Kansas City moved forward this week when a tax increment financing district was approved for the project.
A TIF commission on Wednesday recommended approval of $30.4 million in financing for the redevelopment of the city’s historic Hotel Savoy and Savoy Grill, which is located downtown.
The Kansas City Business Journal, a sister publication to Business First, reported that the request for incentives was made by a partnership affiliated with 21c Museum Hotels LLC.
The partnership plans to turn the Savoy, originally built in the 1880s, into a 120-room boutique hotel. The project also calls for a 5,800-square-foot restaurant and bar, event space and a contemporary art museum.
Louisville-based 21c operates hotels in Cincinnati and Bentonville, Ark., in addition to its flagship location at Seventh and Main streets in downtown Louisville.
Another 21c is under construction in Durham, N.C., and one is planned for Lexington, Ky., although it has been delayed.
Craig Greenberg, president of 21c, told the Kansas City Business Journal that construction of the project there will begin next year if the necessary financing hurdles are cleared.
John R. Karman III covers these beats: Economic development and government, commercial real estate, transportation, utilities, sports business, lottery, tourism/conventions, higher education, nonprofits, Jeffersontown, Downtown, Central Area.


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