Council members approved a resolution Nov. 12 to indicate the intent to issue up to $30 million in bonds to help fund the development of the Peabody Hotel and Convention Center.
Plans for the project were initially announced in June 2017 and were finalized this May, according to previous reporting by Community Impact Newspaper. The hotel will be located on the east side of City Hall. A master development agreement for The Peabody Roanoke requires construction of the hotel to begin by April 1.
The city plans to use bond funding to pay for the convention center, a portion of the parking garage and related infrastructure improvements, according to City Council meeting documents.
The developer, on the other hand, will fund the hotel portion of the project. Plans for it include 250-plus rooms, a rooftop pool, two restaurants, two bars and a spa.
A Peabody Hotel exists in Memphis, where it is a landmark attraction, according to the company website. Like the Memphis location, the Roanoke Peabody Hotel will feature the eponymous Peabody Ducks—a flock that will grace the hotel lobby and fountain, according to meeting documents.
The city will wait until the developer has secured funding for its share of project costs before issuing bonds, according to meeting documents. It is estimated the city will issue bonds Feb. 12. These will be repaid using hotel occupancy taxes.
City Council approved the resolution with a 4-0 vote. Council Members Steve Heath and David Thompson were absent from the meeting.