The first of two hotels planned for an uptown mixed-use development site began construction this week.
On Sept. 5, Whiting-Turner Contracting Co. broke ground on a Home2 Suites by Hilton at the corner of Stonewall and Caldwell streets within Crescent Communities’ Stonewall Station project. The 181-room hotel is being developed by Doradus Partners — formerly Yedla Management Co. — out of Huntsville, Ala.
The 10-story hotel will include a meeting room on the top floor, a lobby on the second floor, fitness center, gathering space and an outdoor pool deck, according to Richard DeMarco, chief development officer at Doradus Partners. The flag — the first one of its kind in uptown — is an all-suite, extended-stay brand by Hilton (NYSE: HLT).
In addition to the hotel, current plans call for about 13,500 square feet of ground-floor retail, DeMarco said. An agreement is in place to sell back the retail portion to an entity arranged by the master developer of the site “upon substantial completion of that portion of the building,” DeMarco said. The Home2 Suites has an expected construction timeline of 18 months.
The second hotel site, which is immediately south of the Home2 Suites, was recently sold to an affiliate of Georgia-based Mayfair Street Partners. In a joint venture with Sefira Capital, MSP will develop a 181-room Even Hotel. That hotel, which is being built with modular construction, is expected to open in the first half of 2019.
A good chunk of development is nearing completion at Crescent Stonewall Station. Charlotte-based Crescent Communities is building 459 upscale apartments and 64,000 square feet of retail, the majority of which will be leased by Whole Foods Market.
Whiting-Turner is the general contractor on the Home2 Suites. The RBA Group is the project engineer and architect.
Kurt Schoenhoff at Selwyn Property Group represented Doradus Partners and Crescent Communities in the Home2 Suites transaction as well as MSP and Crescent in the second hotel deal that closed last week.
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