Metropolitan Building to Become Hotel

metro-proposed-penthouse

The Downtown Development Authority amended and approved a revised development agreement with Metropolitan Development Partners, LLC, to reposition the historic Metropolitan Building into an extended stay hotel instead of a sole residential project.

Under a hospitality co-partnership with the Roxbury Group for franchising, the hotel will include 100 to 135 rooms; studios with kitchens; 2nd floor meeting room; fitness center; guest lounge and dining space; convenience and grocery store; and an outdoor terrace on the 11th floor rooftop. The building will also offer 7,150 sq. ft. of complimentary third-party retail, principally located on the ground floor.

The estimated total cost of the project is $23.2 million and the project is being sold by the DDA for $500,000, with a $250,000 cost incurred by the developer to stabilize the building.

The Metropolitan Building will undergo extensive renovations on not only its exterior façade, but also its interior, serving as a blend of hospitality, residential and commercial/retail space.

Recently, the DDA approved amendments to the initial agreement with a closing date of June 30, 2016 and completion date of June 30, 2018. Façade work on the exterior of the building must be completed by September 1.


Brian Holdwick
Executive Vice President – Business Development

Leave a Reply

Your email address will not be published. Required fields are marked *

WordPress Anti Spam by WP-SpamShield