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Originally Posted by delts145
Makid, I know you've often given us the rundown on the probable schedule with announcements, approvals and renderings on the CCH. Could you refresh my memory again on that? Also, maybe any of the latest interesting scuttlebutt that you feel safe in telling us.
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Delts, last I heard the proposal was still going through the due diligence review. I would expect that as Omni is a sole owner/financier of the project that the process will be quick. By quick I do mean that I am hoping to hear that the proposal is accepted by the end of the OR Winter expo.
From there, the time frame for construction depends on site selection by Omni and purchasing the site. This process could take up 3 to 6 months. Then there is demolition of the existing structure(s) all depending on the location that is chosen.
If we get an announcement of proposal acceptance by the end of February (latest I expect), we should have groundbreaking before the end of the year.
Best case scenario though is that we have announcement of proposal acceptance with OR Winter and groundbreaking with OR Summer.
That would be about 6 months between Winter and Summer shows. That should be enough time for acquisition, planning and approvals for the hotel to begin digging the foundation with OR Summer.
Now, regarding the Arrow Press building, the video was recorded in early spring of 2014. This was before the proposal information was known. This is why I think the owners were still hopeful for selection. Of course, there is still a chance it will be selected by Omni but I rather doubt it with the meeting space requirements.
Also, for those that were shocked about only 1 proposal after all of the interest (60+ developers). This is due to some of the proposal requirements about financing, proof of recent (2 years or less) construction of hotels of equal size and the need to have it open by 2018.