The lodging facility, which will likely cost an estimated $40 million, will be the first hotel built in the city's central business district in more than two decades. The goal is to open the hotel in 2007.
Donohoe approached TIAA-CREF with a proposal for the hotel project, which has been in the works for almost a year, Donohoe vice president Chris Bruch tells GlobeSt.com. "We're at the beginning of a 10-month long zoning process," Bruch adds. "It is the most important step we have to get through before we can proceed with construction. By the end of the year we should have all zoning work completed."
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