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.
Executive Vice President – Business Development