Posted May 17, 2022, 6:22 PM
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Join Date: May 2021
Posts: 197
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Quote:
Originally Posted by JRG1974
So this project is not dead, but it looks like it is on life support. Below is the article from the Business Journal. I am glad that they got the 300 Main going before inflation took a bite out of that project. I am hoping that with the improvements in travel, that they feel that this a still a good project, even if there is a premium to it.
"By W. Scott Bailey – Senior Reporter, San Antonio Business Journal
May 17, 2022
The construction start for a new River Walk high-rise hotel remains on hold more than two years after plans for the downtown project were unveiled.
While the pandemic put a pause on the Dream San Antonio hotel development, impacting access to funding, backers are now dealing with a new hurdle — rising costs due to inflation.
“The partnership has made good progress on the capital,” said Christian Glauser Benz, senior vice president of development and acquisitions for Dream Hotel Group LLC, which is spearheading the development. “It’s been challenging given construction costs have risen due to inflationary pressures in the last 12 months.”
Preliminary plans for the hotel, pegged for a site near Soledad and E. Martin streets, indicated it could span 27 floors and house some 200-plus rooms, with a mix of entertainment spaces. In February 2020, Dream Hotel Group CEO Jay Stein said the Alamo City project could cost between $50 million and $100 million to build, depending on the ultimate size and scope of the development.
“We are going to bring something that’s a little more sophisticated than typically what’s been in that market,” he said.
Dream Hotel officials also said the new hotel, expected to take 18 to 24 months to build, would likely trigger additional downtown development as other projects were envisioned in multiple phases.
Then, the pandemic rocked the hotel industry, putting some existing properties in potential peril and planned projects in limbo.
Dream Hotel has so far stayed the course. Its leadership confirmed a year ago that the San Antonio project would proceed, with the timeline for a construction start likely pushed back to the first half of 2022.
With that window closing soon, the inflationary concerns could further impact construction. Benz noted there is no ground-breaking date set yet.
“We should have some updates soon,” he said."
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I dont feel great about this project, however, I appreciate them updating us. And the idea that they will have updates soon is nice. I just hate being in limbo and then it going silent. I'd rather here its happening or not.
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