Consultants outline plan for downtown convention center: 204‑room hotel, 16,500‑sq‑ft ballroom, 688‑space garage

Consultants hired to study a proposed downtown convention center and headquarters hotel told the Jefferson City Council that the project can support a full‑service hotel paired with a modern conference center and a parking garage.

The predevelopment report recommended an approximately 204‑room, eight‑story hotel anchored by a 16,500‑square‑foot grand ballroom, about 13,000 square feet of additional meeting and breakout rooms, a restaurant and rooftop amenities. The team proposed a five‑level parking structure of roughly 688 spaces. The consultant team presented a conceptual development budget of about $130 million.

Why it matters: Consultants said the facility would create off‑site economic activity during construction and operation — new spending at restaurants, retail and other hotels — and could make Jefferson City a more competitive site for statewide meetings and association events. The team emphasized that induced demand from a modern meeting venue could increase room nights across the city, not only at the proposed hotel.

Key findings and estimates: CBRE’s market work, as summarized by the consultant team, projected an average daily hotel rate around $191.52 and a long‑run stabilized occupancy near 70 percent, producing a RevPAR (revenue per available room) roughly $134. Consultants estimated the hotel and conference center would generate about $4.6 million annually to service debt (growing at 3 percent per year in modeling). The University of Missouri impact work discussed during the meeting estimated construction‑period impacts (roughly 24 months) in the tens of millions and initial operational impacts over the first 10 years that the consultant summarized as large; the report on file with the city gives detail by county and statewide impacts.

Parking and site planning: A parking study completed for the project found the downtown parking supply is currently underutilized in many locations and recommended about 690 spaces for the new garage (the design presented used 688). The team said temporary parking solutions will be required during demolition and construction of the new garage and recommended a mix of relocated leases, use of underutilized private lots, short‑term street modifications and app‑based parking tools.

Financing and ownership approach: The consultants recommended a public‑private nonprofit ownership model to secure tax‑exempt financing and lower cost of capital. They identified an initial package of potential funding sources (hotel revenue, parking revenues, lodging tax, possible local improvement districts and other project‑specific surcharges, ARPA and state contributions) that together accounted for roughly $91 million in the preliminary financing scaffold; consultants said that additional work is required to close the funding gap. The team emphasized that a definitive financing plan would be developed in parallel with design refinements and brand negotiations.

Next steps: The consultant team recommended executing a master development agreement to carry the project through schematic design, updated cost estimates and brand discussions over the next several months, with a target timeline that would deliver construction documents and a guaranteed maximum price by the end of the year and a potential construction start in early spring the following year.

Council and public process: Presenters fielded questions from council about garage height, an optional below‑grade level (which carries a significantly higher cost), operations and workforce recruitment. Council members and staff discussed parking during construction and the need for a master development agreement that sets roles, responsibilities and a schedule for design, financing and permitting.

Ending: The city packet includes a full predevelopment report and appendices (market, parking, conceptual designs and preliminary budgets). Consultants described the presentation as the start of an iterative process — design, cost verification, brand negotiations and financing — with a master development agreement recommended as the next formal step.