COLUMBIA — The Broadway hotel might begin construction on a second tower by January 2018.
David Parmley, whose company, Broadway Lodging LLC, does not currently own the property where the second tower would be built, but a contract exists to purchase it by January of next year.
If approved, the second tower will be designed by LLW Architects in a lot north of the current location on East Broadway and to the left of the Short Street Garage. It would include eight floors an additional 80 rooms and 7,000 square feet of meeting space, adding to the current hotel's approximate 3,000 square feet, Parmley said.
Parmley hopes to fund the construction, estimated at $20 million, partially through a tax increment financing plan, which would reinvest a portion of the increased property tax on the land after the construction back into the project.
"We've seen a huge jump in construction cost from five years ago, which is making it very difficult for the project to be economically feasible," Parmley said.
During the construction of the current location, Parmley leased the space for offices. It is currently used as storage space for the Broadway Hotel.
In order to be approved for a tax increment financing plan, Parmley must first send applications into the city, which he said he planned to do within the next 30 days.
"Approval can take anywhere from six to nine months," Parmley said.
If the contract to purchase the land goes through in January, Parmley said construction would begin shortly after.
"Our intent would be to begin demolition immediately after closing in early January," Parmley said.
The addition to the hotel would provide additional meeting space for events, such as weddings or conventions, which Parmley feels is lacking in downtown Columbia.
"Our goal is to try to attract more out of town visitors and adults downtown to some degree to counterbalance the influx of students we have," Parmley said. "Our goal is for the hotel to be the jumping off point to go out and explore downtown and then put their nightcap on."
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