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Committee backs amendment to tax abatement for Kimpton hotel project amid financial recasting
Summary
The committee advanced a bill to amend Ordinance No. 71830 and increase a 10‑year tax abatement from 75% to 90% for the Kimpton Hotel at 2601 Market Street after developers and SLDC said construction costs and lending conditions prompted a reduction in project scope and a request for a larger abatement to enable construction.
The HUD and Zoning Committee voted to advance board bill 169, which would amend Ordinance No. 71830 (effective June 1, 2024) to modify real‑estate tax abatement terms for a hotel project at 2601 Market Street. Steadfast City consultant Veil Meehan and representatives of Midas Hospitality said the project was resized after heightened costs and a difficult lending environment; the developer removed a planned Staybridge…
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