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Developers propose Broadway hotel; staff to analyze parking demand and options before sale decision
Summary
Developers seeking to buy the Broadway and Spruce parcel for a proposed hotel submitted a draft addendum; staff said the parcel’s current land use does not require onsite parking, and asked the commission to support engaging a consultant to model near- and long-term parking demand and financing options.
City staff briefed the commission on a proposed hotel development and an associated buy-sell addendum for the Broadway and Spruce parcel during the May 13 meeting.
Staff said the City has received a draft addendum from the development team offering $5,200,000 for the parcel and that the draft is under internal review by Community Vitality, the city manager’s office and the city attorney. "We have received a draft addendum from their team, for a buy sell…
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