AUSTIN-San Antonio city council may decide next week on financing options for a planned $300 million convention center hotel that could push the 1,200-room to 1,500 room complex closer to reality.
Albert Garza, San Antonio’s senior economic development specialist, tells GlobeSt.com the city council will meet Oct. 24 to discuss whether the hotel will be funded through private or public money or a combination of both. The site is adjacent to the Henry B. Gonzalez Convention Center and the city’s Riverwalk.
Five firms have submitted proposals for the hotel, which is estimated to cost more than $300 million.
“The question they need to answer is do they want the financing all public, all private or a mixture of public and private funds,” Garza says. “That (decision) will move the process forward by leaps and bounds.”
It could also eliminate some of the firms who have pitched proposals to the city based on their funding packages, he says.
The proposed facility, to be built on the site of a city-owned garage, will include 1,200 to 1,500 hotel rooms and 50,000 sf of meeting space, along with a garage that will serve both the hotel and the adjacent convention center.
Garza says a decision on funding will allow the city council to move forward and pick a developer for the project, which is expected to begin construction in late 2003 or early 2004.