Print Version
E-mail This StoryMultiple hotel projects had been denied in the past year simply because of developers’ refusal to incorporate a restaurant into plans presented to city council.
A hotel will be included in the Peachtree Town Center site to include a conference center, four restaurant pad sites, a mid-rise office building and three buildings to be used for retail or commercial.
Plans for a development at the Peachtree Town Center, nestled between Peachtree, Gross Road and Interstate 635 won unanimous council approval Monday.
“We’re going to see some things happening on the project very soon,” said Councilman David Paschall.
“It has been a fun year working with Mesquite,” said Jim Lang, developer of the project. “We worked hard to bring to Mesquite what we believe will be an excellent development.”
The hotel in the projected is expected to be a 4-star facility with at least 250 rooms. The agreement requires two casual-plus restaurants in the project, along with the full-service hotel restaurant.
The first action to be taken in the project will be a 400-foot vehicle and pedestrian bridge.
“To start off with, we’ll build a bridge,” Lang said. “That’s a challenge in itself.”
It is believed the hotel mixed with a conference center, four restaurant pad sites, a mid-rise office building and three buildings to be used for retail or commercial will be to the benefit of the city.
“We think this will increase visibility from Interstate 635,” Lang said. “We think it will raise tax values. We also think we’ll have a national name restaurant there to connect with the hotel.”
The developer compared the project to the Legacy project in Plano.
The city will dedicate 60 acres to the Mesquite Economic Development Foundation, which will in turn sell the land to Lang and Company for the project. The bridge constructed will be built over South Mesquite Creek and the city will make $50,000 in trail improvements within the property. Upon platting the property, Lang and Company will donate 30 acres to the city for open space.
The economic development program includes a one percent city sales tax rebate for six years for each retail sales tax generator. Bargain discount stores and hotels with less than 250 rooms will be restricted from the site. The city also approved a 10-year descending property tax rebate scale beginning at 90 percent in 2010 and 2011 and falling 10 percent every year thereafter.
There is currently no taxable value of the 60 acres. After buildout, it is projected to have a taxable value of more than $52 million. The value of the tax rebates to Lang and Company is projected to be in excess of $1.456 million by the year 2020. The largest tax rebate is projected to come in 2013, when $234,752 will be rebated from a taxable value of $52.4 million.
E-mail Brian Porter at bporter@acnpapers.com or comment on this story at www.scntx.com.
