KC finance committee approves plan for 2 new Plaza area hotels

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KANSAS CITY, Mo. -- A city council committee Wednesday approved a financing plan for two new hotels near the Country Club Plaza.

The development on 46th Street between Wornall Road and Broadway Street is the result of compromise with neighbors.

Two hotel towers would each extend about 100 feet high. Tall buildings so close to the Plaza have been an issue for neighbors in years past. One hotel would have 175 rooms, the other 138 rooms with 19,000 square feet of retail space and an underground parking garage with 325 stalls.

Developers expect to spend $104 million on this project with $80 million in industrial revenue bonds to be paid over 20 years.

Neighbors worked out a list of more than a dozen restrictions, including approval of the final development plan, which neighbors are eager to review before construction begins in December.

"It’s in the 100-feet range at different points on this development, which was kind of higher than we would like," said Tom Davis of the Plaza Westport Neighborhood Association.

"It was part of a compromise that was worked out with the developer. It does slope down a little bit toward the bowl of the Plaza to some extent. This property is on an incline. The area plan would require the buildings to step down with that incline. There’s some of that incorporated in the proposed plan."

Developers will make 100% payments in lieu of taxes for 20 years until the bonds are paid off. There is no taxpayer funding of the project.

An attorney for the developer said one building will be an Aloft Hotel by Marriott, the other a Tribute Hotel, which would be unique to the metro area.

Construction is expected to take between 16 and 18 months, with the hotels projected to open in 2021.

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