Downtown Redevelopment Goes to Next Stage
By: Karl Wehmhoener
Updated: May 16, 2012
AMARILLO -- The Amarillo Local Government Corporation (LGC) today approved the Downtown Convention Hotel/Parking Garage Lease and Development Agreement (LDA) with Wallace-Bajjali Development Partners, LP, which initiates the next phase of the proposed downtown redevelopment projects as approved by the Amarillo City Commission last August. The LDA delineates the two square block area to be leased as well as the conditions and performance measures, terms and conditions and approvals leading to construction commencement for both the LGC and Wallace-Bajjali Development Partners. The agreement also establishes the quality standards and long-term operating standards for the projects.
The LDA identifies the next steps, which include the development of construction plans, specifications, and schematics. Wallace-Bajjali Development Partners, LP will provide proof of funding for the Convention Hotel, which will ultimately lead to the construction of both projects.
The Downtown Convention Hotel and Parking Garage will be located on Buchanan Street, just steps away from the Amarillo Civic Center and Globe News Center for the Performing Arts. The City is currently completing the demolition of the former police department complex that will be the site of the Parking Garage. The Downtown Convention Hotel will be located immediately south of the Globe News Center for the Performing Arts. Wallace-Bajjali Development Partners, LP is obligated to privately fund, build and operate a four-diamond, 270-300 room hotel suitable for both large conventions and local events. Wallace Bajjali will also build and operate an 841 space parking garage with 40,000 square feet of ground floor retail opportunities. The Parking Garage will be funded by a revenue bond backed by Hotel Occupancy Tax (HOT) receipts, earned income, and developer equity.
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