Rick Baier said the 250-room hotel will complement an adjacent office building that's under construction. The Hilltop at Briarcliff, containing 220,000 square feet on nine floors, will nearly double Briarcliff's office space when it opens in the summer.
Baier, who's developing the hotel with Dan Carr, said "we needed to step up the flag" with a full-service brand that includes restaurants and 10,000 square feet of meeting space at Briarcliff.
"We plan on being the leader as far as occupancy and average daily rates," Baier said.
Jeff Marvel, a Parkville-based lodging industry consultant, said Briarcliff is ready for the Renaissance's boutiquelike feel. The chain's nearest locations are in St. Louis and Des Moines. Weekday rates at the Renaissance St. Louis Grand & Suites Hotel begin at $189.
"Ten years ago, it wouldn't have made any sense because Briarcliff hadn't developed beyond residential," Marvel said.
Although Kansas City's hotel room rates lag those of larger cities where Renaissance Hotels are located, Marvel said Clay County now has nothing comparable. Current choices are limited to casino properties, he said. As a result, some executive travelers and meetings go elsewhere, either to Downtown or hotels near Kansas City International Airport in Platte County.
The new hotel will receive tax increment financing, which also has supported Briarcliff's other commercial development.
"There's absolutely no way the economics of the hotel would come anywhere close to working without the TIF," Baier said.
The Briarcliff West TIF Plan's Ninth Amendment, which includes the new office building, incited controversy after it was approved in January because the project will return all new taxes to the developer. Briarcliff's earlier phases receive TIF's standard reimbursement -- all new property taxes and half of new sales, earnings and other economic activity taxes.
Most of the Ninth Amendment's $132 million TIF budget will pay for new roads and other public works. That budget includes $15 million in what's called Super TIF, which captures the economic activity tax increment, which earlier projects do not.
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source: bizjournals.com
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