@maverick333 I’d assume next year or 2026 since this project is supposed to be constructed at the same time as the CC expansion.
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We’re going on 3+ years since the Tempo broke ground and it’s still not open so hopefully the Omni can break ground in the next few months or there’s no shot at it opening by 2027
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I think it is hopeful that they actually break ground this year, especially since interest rates are continuing to drop and yet another significant cut by The Fed is expected this month.
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Interest rates have NOT dropped at all…certainly not commercial real estate so cost of capital is still high. This said the FED is supposed to begin rate cuts tomorrow (Wednesday) with somewhere between a 1/4 & 1/2 basis point drop. Typically there is a delay in realization of that cost of capital reduction, not to mention the financing process for a $75MM project doesn’t happen quickly. I think a EO24 start is ambitious but I supposed they could start some preliminary site work while working through construction financing with their lenders.
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The Omni already has funding secured
So, interest rates shouldn’t play a huge role in this project. The funding stage has been secured. I’d assume that they’re likely waiting to ensure that the Amphitheater relocation is confirmed.
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Yes Preston Hollow is a Dallas based investment fund started by 2 people who had $100M to start it off with. They have financed $5 Billion in projects in 10 years. So they will be fine in starting and financing this hotel. Look at their investment in some other projects in the 100s of millions of dollars. This is big Texas money behind it.
https://phccap.com/
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I know the Preston development in Dallas, are they also behind Prestonwood in Cary?
No that was some SAS executives and founders that developed Prestonwood in Cary and now Chatham Park. Preston has been an area for a long time in Dallas just named the company for that part of the city.
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(50 basis point rate drop today)
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Expect a major boom in Raleigh construction now.
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Last two times the Fed cut rates by 50 bps was before two deep recessions. Hopefully not the case this time.
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Earlier today, Raleigh Magazine posted on Instagram about new hotels coming to DTR, including a new rendering of the Omni Hotel that I hadn’t seen before. I thought I’d share it with everyone.
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They also shared an outdated rendering of the one by Prince Hall Lodge, so I’m taking this with a grain of salt.
To be clear, I thought the same thing as you when I saw this rendering, and it looks cool.
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Yeah you’re right, I probably should have avoided using the word “new” since this could be an outdated rendering. It’s just one I haven’t come across before
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The rooftop pool/spa is something I was already seriously looking forward to. A sports bar on Fayetteville Street is just the cherry on top. Really looking forward to this.
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We have to take the phrase “rooftop pool and spa” with a grain of (marketing) salt.
In reality it looks like the “rooftop pool” is merely a pool on the 4th floor of a 20+ story building. Perhaps it’s the “rooftop of the parking garage,” but definitely not what I think of when I think “rooftop pool” from other cities. Lame description, but it’s overall going to be a great hotel addition to downtown, despite lack of an honest to goodness “rooftop pool.”
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It’s somebody’s roof.
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The above ground pool I had as a kid was actually a rooftop pool too, from the perspective of the moles who lived beneath…
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Maybe they’ll do a clear bottom so the residents underneath can look…never mind.
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