Downtown Longmont could see a hotel in 2024.
The Longmont Downtown Develop Authority board voted Wednesday to enter into a purchase and sale agreement with a developer to build a boutique hotel on the corner of Third Avenue and Kimbark Street. The hotel would replace the current parking lot.
“This is very exciting news,” LDDA Board Chair Chris McGilvray said. “We are on the verge of fulfilling a 30-year goal.”
The development of the hotel will be done by The Thrash Group out of Mississippi.
“Longmont truly was a natural fit for us,” said Joseph Thrash, Partner at The Thrash Group. “The individuality of Longmont and this unique opportunity to connect with the city made complete sense to our team. We were excited to learn more about this special community and collaborate on a boutique hotel project and upscale restaurant that truly encapsulated the spirit and culture of Longmont, Colorado.”
A proposal to begin development will go before city council on Nov. 15.
"The process is just getting started and we will keep you informed along the way. The Development Review process is beginning soon and we don’t expect any construction until at least mid-2023. If all goes well, the hotel will be open in 2024," according to a news release from LDDA.
The hotel would consist of approximately 84 guest rooms, 5,000 square feet of rooftop restaurant space, 2,000-4,000 square feet of meeting space and commercial space. A parking deck will be available providing 65 hotel spaces and 75 public parking spaces.
"This project fulfills a 30-year goal to add lodging in Downtown Longmont. The hotel project could generate more than $6 million in sales taxes, lodgers’ taxes, property taxes, and utility revenue over a 10-year span. The economic and fiscal benefits of added visitors is estimated to exceed $108 million over ten years," the news release states.
“Downtown needs this type of first-class property that adds another element to our existing community and economic synergy,” McGilvray said. “It’s a project that will have a positive effect on downtown businesses both economically and culturally.”
