After hitting road blocks in recent years, the developer for Grapevine's second largest piece of undeveloped commercial land received a green light from the city to build a hotel near the intersection of Hwy. 26 and Bass Pro Court.
The Grapevine City Council approved a conditional use permit for the proposed Marriott Courtyard and TownePlace Suites last week. The project, on 10.3 acres of land, would be a major anchor for Silver Lake Crossings, a planned 52-acre mixed-used development that will eventually house offices, retail and entertainment spaces.
The council approved the permit following a 7-0 recommendation from the city's Planning and Zoning Commission.
Development for Silver Lake Crossings was put on hold for about three years due to a lack of funding. Robert DeShay, director of real estate for Newcrest Management LLC, which is developing and managing the hotel project, said lending practices for the hospitality industry dried up during the Great Recession.
"When we first developed the proposal back in 2009, we had this grand mixed-used vision," DeShay said. "It's just that the economy has been such that there has been no capital available for construction, so we had to wait and put things on hold."
Banks were reluctant to finance the project, DeShay said. But a real estate investment firm based in Richmond, Va., was persuaded. Construction for the estimated $42 million hotel project is scheduled to begin in spring and will take about two years to complete, DeShay said.
A six-story hotel with 300 rooms is planned for the Marriott Courtyard and TownePlace Suites at 2200 Bass Pro Court. The Marriott Courtyard will accommodate overnight guests, while the TownePlace Suites will accommodate extended stay guests.
Plans for the hotel include a restaurant with on-premise alcoholic beverage sales, an outdoor patio with speakers, a 10,000-square-foot space for meetings and a 1,000-square-foot swimming pool.
Grapevine attracts millions of visitors a year, and the new hotel will give people another reason to visit and linger in the city, DeShay said.
"It represents an opportunity to continue momentum Grapevine has already demonstrated with its ability to attract over 20 million visitors a year," DeShay said. "Adding to that by developing the second largest vacant piece of property that complements what's already there in terms of attractions."
Dan Truex, the city's economic development manager, said the recent news is good for Grapevine.
"We do want to develop our hospitality industry, and that is is one of our target markets that we are pursuing," Truex said.