Richard Preis, president and chairman of the 200-acre Howell Place, says Raleigh Prism One is one of five hotel developers with projects either on the boards or under construction in Howell Place, which is bounded by Harding Boulevard, Interstate 110, Plan Road and Airline Highway. The SpringHill Suites, which will be situated along I-110, will neighbor a Microtel hotel, which is under construction, and a Holiday Inn and Hampton Inn, both anticipated to break ground in the coming weeks. Preis says a land deal is set to close in early June to open the door for Hotel Intercontinental-branded project.
"Everything should be completed within 12 to 16 months," Preis says. "When they're all done, we'll have close to 600 rooms at Howell Place. No more are being developed." He says the five hotels are going vertical for $115 million to $120 million.
Howell Place currently has restaurants, 131-room Hilton Garden Inn, the 100-unit Howell Place Apartments and 290,000-sf Greater Baton Rouge Surgical Center. Across the street is a Louisiana State public safety training complex and a $40-million city parish telecommunications center.
Preis bought the 200 acres more than 10 years ago for $1.95 million. There are 80 acres remaining to be developed. "I have people circling on around 20 to 30 of those acres, but right now we're between second base and shortstop on the deals," he tells GlobeSt.com.
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