The developer of a Red Bird hotel is asking the City of Dallas for $1,788,126 in future tax reimbursements for a Courtyard and Residence Inn by Marriott.
The five-story hotel would sit just south of the Palladium RedBird apartments, which opened recently.
The hotel is expected to cost $31.5 million to build and could open as soon as 2024. Dallas-based developer Atlantic Hotels Group would be repaid an estimated $70,000-$80,000 a year for 15-17 years from the Dallas Mall Area Redevelopment TIF.
The hotel development also received $1.5 million from the Dallas Public/Private Partnership Program. Here is the budget breakdown.
A hotel is allowed by right in the zoning, and the developer is requesting a specific-use permit to allow an extended-stay hotel.
The city already has invested $22 million into the Red Bird redevelopment plan. Developer Peter Brodsky started with a $10-million personal investment into land acquisition and has been working on a reimagining of the 95-acre former mall.
Developing apartments and a hotel at Red Bird is part of Peter Brodsky’s development agreement with the City of Dallas.
City Council is expected to consider granting the TIF funds during its Feb. 23 meeting.
