Flower Mound’s first hotel will be Courtyard by Marriott at The River Walk at Central Park – an announcement culminating years of anticipation by residents and town officials hoping for a location within the town limits.
L. Scott Tarwater, executive vice president of hotel development with DePalma Hotels & Resorts, unveiled the hotel’s identity Monday during the Flower Mound Town Council meeting.
“We just returned from Marriott World headquarters where they gave us approval to develop a Marriott Courtyard,” he said.
“We anticipate opening June 2016,” Tarwater told town officials.
In partnership with DePalma Hotels & Resorts, Rainier Medical Investments plans to develop the upscale, select-service hotel with approximately 145 guest rooms and suites with 35 balconies overlooking the River Walk in addition to 6,000 square feet of meeting space, officials told council members at the Dec. 1 town council meeting.
“We are excited Marriott recognizes the demand for hotel rooms in Flower Mound, which is a project the Town has pursued for many years,” said Councilmember Mark Wise in a news release. “When I travel for business, I always choose Marriott because I know I’ll have a top quality room and excellent customer service.”
The proposed five-story, 145-room upscale hotel by the Courtyard at Marriott will be about 100,000 square feet. The hotel will also feature a restaurant and bar, pool, exercise room, an outdoor seating area, and multiple fire pits.
Courtyard by Marriott operates an estimated 1,000 locations in 38 countries including several locations in the Dallas-Fort Worth area including Lewisville, Denton, Grapevine, Irving and Plano – putting Flower Mound on the map for offering an upscale hotel closer to the town’s almost 70,000 residents.
Other potential hotel companies included Hilton, Hyatt and Starwood, officials have said.
Town officials approved a Chapter 380 Agreement for the hotel in October, offering a range of incentives including: an 8-year 100 percent hotel occupancy tax rebate; a seven year, 75 percent real and business personal property tax rebate; a 7-year, 50 percent sales tax rebate of the town’s 1 percent general fund portion; a 50 percent sales tax rebate of the town’s 1 percent general fund portion for initial construction purchases; a waiver from all impact and permit fees; and $1 million from the Tax Increment Reinvestment Zone No. 1 (TIRZ) for a parking structure.
On Dec. 1, Flower Mound Town Council members approved a Chapter 380 Agreement with Centurion American for the restaurant building at The River Walk, which will feature 15 different venues situated on the river with a large outdoor patio to be shared among the restaurants. The agreement offers a three-year 100 percent rebate of the town’s 1 percent sales and use tax, followed by a two-year 50 percent rebate of the sales and use tax to CADG River Walk, LLC.
The rebates only apply to the first $30 million in sales by the restaurants within the building. In addition, the company agrees to open restaurants within the building by June 1, 2016, and maintain at least a 50 percent occupancy rate within the time frame of the agreement.
The sales tax rebate would total approximately $1.2 million, according to town officials.The town would see a net benefit of just over $1.92 million over the five-year period. The figure includes annual tax revenues from the estimated $4 million in real property value, the $1.5 million in business personal property value and $30 million in sales, generating an estimated five-year annual tax revenue total of $3.12 million.Officials announced Dec. 1 that Sfuzzi and Primo’s will be part of a 27,000-square-foot building with upscale restaurants and dessert/coffee shops in The River Walk at Central Park.
Among the new restaurants announced were Sfuzzi, an Italian restaurant, and Primo’s Tex-Mex Grille, both of which have signed deals. Ongoing talks were underway with Steel Restaurant and Lounge, which offers Japanese & Indo-Chine cuisine.
Construction of The River Walk at Central Park is at full swing as crews continue to lay the foundation for what some call one of the town’s main destination points between Morriss and Long Prairie roads just north of Cross Timbers Road.
Zoned as a Central Business District and anchored by Texas Health Presbyterian Hospital Flower Mound, The River Walk allows a wide range of flexibility and integration of product uses, such as ground floor retail with offices and/or residences above, retail and office on the same block, according to the town’s website.
The variety of The River Walk allows residents to work, play, live and shop all in one location. With 46.5 acres of parks and open spaces in or adjacent to the property, The River Walk provides a relaxing and serene environment.
“It became apparent while working with the Town’s leadership that with the increasing number of corporate businesses and residents relocating to Flower Mound that we needed to identify and negotiate a nationally branded hotel product designed with upscale guest amenities and meeting space to accommodate the impressive growth of Flower Mound now and for the future,” said Tim Lavender, president of Rainier Medical in a news release.
“Finally, when someone searches for hotels in this area, Flower Mound will now be an option,” Tarwater said in the news release. “DePalma and Rainier are working diligently to deliver a hotel project that exceeds the Town’s expectations and is in line with the superior quality that Flower Mound is known for.”