Denison lands hotel, conference center
Apr 01, 2008 - 13:23:13 CDT
By Jessica Richardson
Herald Democrat

 
DENISON — After two years of planning, a Denison Development Alliance project came to fruition Monday. That’s when the DDA and Denison City Council approved generous economic incentives for a hotel and conference center to be built in the city — all in the name of growth.

The hotel and conference center will receive from a five-year 50 percent property tax abatement, as well as a 100 percent hotel tax rebate for the first five years. The rebate will continue for years six through 10 on a sliding scale. Since the project was not economically feasible for the city to pursue itself, a public-private partnership with Second Century Investments and Gateway Hospitality Group was formed. This partnership reflects a $20 million investment.

The coming project will house an estimated 150 rooms in its upscale hotel, offer a full-service restaurant, and include 17,500 square feet of conference space complete with a dance floor and stage. The addition of a second hotel is hinged on future progress.

Tom Johnson of TPJ Properties said he’s counting on the regional attraction to be an anchor at the northwest corner of U.S. Hwy. 75 and FM 691, and to spur additional growth of retail and service providers nearby.

“Our research shows that there is a strong demand for an upscale hotel with conference center in this area,” said Lawrence Masi of Second Century Investments. “Our facility will provide increased business and tourism opportunities for the surrounding communities.”  

DDA Chairman Robert Sylvester repeated those sentiments, saying prospective companies often inquire where their international guests can stay. He cited, specifically, MD Helicopters.

The closest conference center to the city is in Allen.

Mayor Robert Brady welcomed Second Century Investments and Gateway Hospitality Group to the city. He went on to say, “It’s a good day for Denison, Texas.”

He called the announcement “a testimony to our pro-business environment that we are able to welcome another quality company that will bring more tourism opportunities to our city.”

Part of the pro-business environment is the city’s revolving loan program for new  businesses. The Denison Community Investment Corporation awarded a $500,000 loan to help fund the project.

The hotel and conference center will create 50 new jobs on top of boosting local tourism and development. A full-time employee will also be hired at the hotel with the primary goal of recruiting events.

Construction is slated to begin in September. An opening date has been set for late 2009.