Project Details

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Results Chart for Delivery Method and Financing

Delivery Method

DBOM All Public Finance
# of Projects: 1
100% of the Results

Background informationProject Created: June 14, 2017

Project Name: Allen (TX) Hotel Convention Center At Watters Creek
Year in Operation: 2018
Sector: Buildings
Subsector: Convention Center
Status: Design / Construction
Type: New Facility
Description: New $91 million convention center hotel, bringing 300 four-star hotel rooms, 90,000 square feet of convention meeting space, a 40,000 sq. ft main convention room, and 1000 parking spaces to this North Texas city.
Delivery Method as described in the country where it's located: Public Private Partnership
Is the project still active: Yes
Comments: Altera Development is responsible for design, construction, and management of the resulting convention center under a long term arrangement the parties are calling a PPP.

Project Locations

Address: U.S. 75 and Bethany Drive
City: Allen
State: Texas
Country: United States of America

Souces of Project Support (Non-monetary)

Checkbox Checked Access to Land: Publicly owned land.
Checkbox Checked Revenue Stream (Cash Flow) Protected Through Long Term Commitment(s) of Public Sponsor(s): Long term contract with developer to design, build, and manage the project. Delta (by Marriott) will manage the hotel. The convention center is expected to bring in $3.6 million in revenue annually by its fourth full year of operation (2023).

Souces of Project Support (Monetary)

Checkbox Checked

From Public (Government) Sources to Producers: The project's initial cost is expected to be $91 million. The City has earmarked $10 million in hotel occupancy tax revenue to the $91 M project. The convention center is expected to bring in $3.6 million in revenue annually by its fourth full year of operation (2023). The City of Allen, Allen Economic Development Corp., and Allen Community Development Corp. (funded by 1/2 cent sales tax) are also investing in the project. The hotel includes a restaurant, coffee bar, lobby bar, and outdoor entertainment courtyard for guests.

Project Delivery & Finance Method

Project Delivery:
All Public Finance. Public Sponsor contracts for initial design, and separately contracts for initial construction. Public Owner operates and maintains the resulting facility.
Is there an independant checking engineer? No
Project Finance Method: All By Public Sponsor

Procurement Approach

Project Component
Qualifications
Based Selection
Request for
Qualifications
Request for
Proposals
Invitation
for Bids
Unsolicited
Proposals

Term for Key Components & Forms of Contract

Project Component
Years
Quarters
Combined Term: Initial Design, Construction, O&M Period
0
0
Forms
Description
Don't Know
The length of the contract with Altera Development is not known. 

Project Value (If and As Known)

Date of Estimated Project Value: April 15, 2017
Project Value
Hard Cost
Hard & Soft Costs
Design
< $10 Million US
< $10 Million US
Construction
< $100 Million US
< $100 Million US
Total
< $200 Million US
< $200 Million US

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