The Santa Rosa Housing and Redevelopment Agency provided 25% of the total $30 million to fund the project. Additional funding came from a construction loan by First Republic Bank and equity raised by the developers.
Ranked by square footage, the new Blackman Conference Center will be the largest overall in Sonoma County. The center will have 18,000 sf of meeting space with the largest 7,000 sf room able to hold between 700 and 900 people.
Hotel planners expect the 155-room inn to be at 75% occupancy the first year and to bring in $4 to $5 million a year to start. Annual revenues from the conference center are expected to be about the same as those expected from the hotel. The City of Santa Rosa projects a $600,000 gain in annual transit occupancy tax revenues from the project.
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