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Wilmington City Council will discuss convention center hotel at next meeting

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WILMINGTON, NC (NEWS RELEASE) -- At their Oct. 1 meeting, the Wilmington City Council will consider the sale of land for the privately owned construction of a hotel for the Wilmington Convention Center.

The city and convention center hotel developer Harmony Hospitality, Inc. are finalizing a purchase and development agreement that is expected to be ready for City Council consideration at their Oct. 1 meeting. The city’s agreement with Harmony for the use of the public convention center parking deck is also expected to be ready at that time and a public hearing will be held on both items.

“Finalizing these agreements is a significant milestone in our progress toward the private building of a high quality hotel for our convention center,” says City Manager Sterling Cheatham. “We are working hard to finalize a deal that is in the city’s best interest while partnering with a first-class hotel developer.”

The city and Harmony have been working on both agreements for months. They will outline details for Harmony’s purchase of about 2/3 of an acre beside the convention center for the hotel, as well as construction of the hotel and use of the city’s adjacent public parking deck. The city proposes to sell the land to Harmony for its established market value of almost $579,000, but final closing on the land will be contingent upon Harmony’s ability to secure adequate financing for construction of the $33 million hotel. That financing is linked to the approval of Harmony’s application for EB-5 federal support. The parking agreement provides 250 reserved spaces in the city’s parking deck to Harmony at a cost of $100 per month per space, which is the publicly established parking rate.

The agreements are among the last items to be approved by the City Council and worked out before Harmony begins construction, which is expected to begin early next year. Harmony has received franchise approval to build a 186-room Embassy Suites that includes meeting space, a full service restaurant with room service and pool.

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Gaving the property away

This is just like the deal on the old parking deck. The city sold it cheaper than it was worth and then a couple of years later paid more then they got for a small area to build a new deck.

Friends helping friends. If the Motel is such a great deal why don't the city build one?

$579,000?

For land valued at $3M?

Is our city council THAT desperate to get a hotel near the CC?????

Vog

Is our city council THAT desperate to get a hotel near the CC???

Yes Vog...if they don't build it (or billed it) they are afraid it will make them (City Council) look incompetent with other issues in Wilmington. Even if they do build it...chances are because of where it'll be located...it'll wind up with bullet holes in the building anyway.

SEveral thoughts

What happened to the lawsuit?
The land is worth FAR more than $600K. Its more like $3M...

The influence of real estate people and developers on council has gone way too far.

But if Harmony Hospitality is still counting on EB5 money they may not build after all..........

Vog

This Agenda returns like the Berger stories do & just as useless

(Quote)
"The city proposes to sell the land to Harmony for its established market value of almost $579,000, but final closing on the land will be contingent upon Harmony’s ability to secure adequate financing for construction of the $33 million hotel." (Unquote)

It's just money after all Harmony...in a troubled economy.
I'm sure all of Wilmington is dancing in the streets over this, and...Speechless!
Now that the crime rate has dropped so dramatically in downtown Wilmington and surrounding areas...go for it Harmony! With all of the "Sell Outs" at the Convention Center as history has shown...you'll be adding on to your hotel in no time. Saffo promises...Ka-Ching! ;-O
1. What happened to China's involvement???
2. Where is Harmony Hospitality, Inc. listed with the BBB?

http://www.bbb.org/us/Find-Business-Reviews/name/Harmony+Hospitality+Inc...