Deal Reached On Downtown Conference Center And Hotel!

Could there be a better way to kick off March?  As had been speculated in recent weeks, the City of Norfolk and developer Bruce Thompson, the CEO of Gold Key PHR Hotels and Resorts in Virginia Beach, have been meeting behind closed doors, and according to Inside Business, the parties have reached a deal on a $130 million project that would include a 300-room hotel, a 50,000 square-foot conference center, a 600-space parking deck, and restaurant.

The PLOT is about to be transformed

Thompson said he hopes to bring an iconic hotel to Norfolk, similar to what's found in most large cities.  That means luxury suites, a rooftop garden, two-story atrium, meeting spaces that's DoD-compliant, and other upscale amenities, including concepts for a wine-themed living room.  

"We have a concept for a series of living rooms that will be surrounded by 100 bottles of wine that your room key will allow you to get a two-, four- or six-ounce pour," he said.

While financing has been secured, no brand has been determined yet.  It has been estimated that the hotel would bring in about 500 construction jobs and close to 250 hotel and conference center employees.

Thompson explained why he targeted Norfolk for this project.

"The reason why we're coming to Norfolk has to deal with what's taking place with Waterside, with light rail, with what we believe will be a significant port expansion, with the low cost of capital and construction trades readily available -- we believe the timing is perfect," said Thompson.

Once the deal is actually finalized within 30 days, it will take six to nine months to complete the development plans (can't wait to get ahold of those!).  Then construction could begin with a year and last about two years.  Thompson did mention the one thing that could delay this project was the sequestration.

UPDATE:  According to The Pilot, the project will include a 23-story hotel with three restaurants and a rooftop garden and bar.  According to Thompson, Vegas' SLS Hotel, NYC's Hudson Hotel, Orlando's Peabody, and Miami's Delano Hotel have inspired the vision for the project.