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Developers pitch 80‑room Dundee hotel and 20‑year TLT abatement to spur tourism
Summary
Terrain Development presented plans for an 80‑room, full‑service hotel in Dundee, estimating roughly $1.1M in annual transient lodging tax (TLT) at stabilization and proposing a 20‑year TLT‑abatement partnership with the city to reduce upfront grant needs and attract long‑term investors.
Terrain Development presented an updated design and financing plan for an 80‑room, full‑service hotel proposed for Dundee. Will von Schlegel, a co‑manager with the development team, said the project will include banquet and event spaces, a central courtyard described in the presentation as roughly 30,000 square feet of mixed‑use event area, 154 parking spaces and about 6,500 square feet of additional public‑facing, full‑service space. "We are about to begin the full fundraising commitment for the hotel before the end of the year," von Schlegel said.
Chris Kolagna, the development team’s economic lead, said the team has updated the construction budget to approximately $79 million. He…
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