Hyatt Plans to Return to Kansas City with 229-Room Mixed-Use Development
- Jul 19, 2012
Hyatt Hotels Corp. announced plans to re-enter the Kansas City market with a new 225-room luxury hotel near the Country Club Plaza, The Kansas City Star reports.
The Chicago-based hospitality company saw its flagship replaced, after 30 years, by the 730-room Crown Center by Sheraton earlier this year. Mike Daood, vice president of development for Hyatt Hotels Corp., said the company is excited by the chance to come back to Kansas City.
The proposed new Hyatt hotel would anchor an $80 million high-rise development at 4622 Pennsylvania Avenue, currently home of the Victory Court Apartments. The project will be developed by Hyatt and locally based Block Real Estate Services, while the hotel will be operated and owned by Hyatt.
Block Real Estate Services acquired the 37-unit Victory Court Apartments last year. Built in the 1950s, the apartment community will be replaced by a 12-story development which will have a four-level base that will include an 8,000-square-foot restaurant and a lobby on the second floor, as well as two floors of office space. Meeting rooms, a kitchen, a bar and a terrace overlooking the Plaza will be included on the fifth floor, while the hotel rooms will occupy the remaining upper half of the building. The development will also include a 300-car garage.
An official development proposal has been submitted to the Kansas City Tax Increment Financing Commission. According to Doug Stone, attorney at Polsinelli Shughart, who represents the development entity, the exact amount of the tax-increment financing assistance sought for the project has not yet been determined.
The architects are Overland-based Hoefer Wysocki and Wichita-based Law Kingdon.
Logo Courtesy of: www.hyatt.com