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Roanoke Hopes Peabody Hotel Plan Goes Through
While the commitment does not seem to be 100%, it may be moving closer. Plans for the Peabody Hotel in Roanoke were originally approved by the town in May, 2019, but due to COVID, the plans bogged down. Now the developer has until Jan. 1, 2023, to start construction on the project.
The hotel project was announced in 2017. The city agreed to issue up to $30 million in bonds to help fund the development of the Peabody Hotel and Convention Center. The city, a Dallas suburb, would pay for the convention center, a portion of the parking garage and related infrastructure improvements, to be repaid using hotel occupancy taxes.
The developer will fund the hotel portion of the project. The 266-room hotel and conference center, with its eight-story tower, will include approximately 43,000-square-feet of meeting space a restaurant, a full-service spa and health club as well as a 10,000-square-foot ballroom.
The project is estimated to cost a total of $144 million.
- ◦Development
