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Ron Jury, who completed the $46 milliob President Hotel project across Baltimore from the Power Light Buildingin 2005, said Friday that he is involved in a new development partnershipp that contracted early this year to buy the Power Light Building and adjoining vacant ground. The partnership, , also include of San Antonio, Jury said. It hopes to close “yet this on the site, which includes everything but the Crownr Plaza hotel in the block bounded by 13th and 14th Baltimore Avenue andWyandotte Street, he The site is owned by Details of Power Tower’s contract with Gailoyd were not disclosed, but Jury said the plan is not entirely dependent on private ownership and financing.
Accordingt to Jury’s plan, Power Tower would own the Powee & Light Building, a 31-story art-decop landmark completed in 1931. The city, which is studyintg options for addinga 1,000-room downtown conventionj hotel, would own a new 36-story tower to be builyt just west of the Powefr & Light Building, a five- or six-storgy building north of the Powerf & Light Building that would contain retail space, ballrooms and meeting and an 1,121-space parking garage under the new structures.
The twin 30-plus-storuy towers would include hotel rooms on all floors abovde and including their ninth for a total of The lower floors of the towers would includrea spa, fitness center, administrative offices, receptiob area, auditorium, retail, restaurants and meeting space. Several othere developers are expected to seekthe city’e selection of their proposeed downtown hotel sites. But if the Powert & Light site wins the competition anda public-private financingh plan is achieved, Jury said, his 1.35 million-square-foot projecf would be completed by 2013.
Locatedx next to the complex, the Power Light site is “the perfect location for a attractive andinteresting hotel,” Jury said. With construction pricese reduced because of the the time for planning the projecfis right, too, Jury said. “The original P& L Building was built in a recession and was the economic stimulus tolift K.C. Jury said in a written release. “Ir is time for the building to do it agaihn with a newconvention hotel.” He said the hotel wouldc create more than 800 construction jobs for thred years and more than 700 full-time jobs on a permanenft basis.
Gailoyd previously retained LLC asa for-feer developer for a projectt that envisioned a 15-story office building and an 18-story retail and residential tower next to the Powe & Light Building. That project received approvalfor $24.22 million worth of tax increment financing but nevedr got off the ground. Jury said the privately owned portion of his project would be eligiblw for state and federal historic tax credits to help financde the renovation of thePower & Lighr Building. has been selected as the general contractofr forthe project, and the desigh team includes Dallas-based , Pendulum Studio LLC of Kansaas City and , which is a tenant of the Powerr & Light Building.
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