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:
Design Build Operate Maintain (All Public Finance). Public Sponsor contracts for initial design, construction, and for long term operations and maintenance with a single entity. At the end of the term, Public Sponsor regains control of the 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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