Another hotel for downtown!From todays DJC.
July 9, 2014
Stanford Hotels eyes 50-story tower with a hotel and housing
By JOURNAL STAFF
An entity related to Stanford Hotels Corp. of San Francisco is talking with the city about building a 50-story tower at Fifth Avenue and Stewart Street that would combine a hotel and housing units.
Permit records show Stanford's early plan is for a 677,000-square-foot structure with approximately 194,000 square feet of hotel space, 225 housing units and 200 parking spaces.
Stanford representatives did not return a phone call requesting comment.
Project documents show Stanford is working with MulvannyG2 Architecture.
Last year Stanford got the 12,960-square-foot parking lot at 1903 Fifth Ave. for $16.75 million after a long foreclosure proceeding.
Multi Capital Group of New York originally planned two 46-story towers — called Heron and Pagoda — that would have condos, office space, a hotel and retail.
Four entities related to Multi Capital Group — Reuben Corp., Bronx Al LLC, Bronx RMT LLC and JJ Lyons Associates Inc. — paid $30 million in 2007 for a larger piece of property that included the site. But the companies defaulted on the loan and the land was turned over to a receivership.
In June 2012 Stonebridge Cos., a Denver-based hotel developer, put the site under contract and filed plans for an 18-story hotel, but because the land was foreclosed on it had to go to auction. The auction was held up twice because an entity that previously owned the land filed for bankruptcy and that brought activity to a halt.
Stanford's website says it has bought or built 13 hotels in major metropolitan areas. About half are in California.
Stanford recently got approval from the city to start a 15-story, 283-room hotel at 300 Terry Ave. N., near Amazon.com's South Lake Union headquarters.
Stewart Street has become a hotel development hot spot, with several projects planned:
• Touchstone Corp. is underway on Hill7, an 11-story office and 14-story hotel tower at Stewart and Boren.
• R.C. Hedreen Co. wants to open its 40-story hotel tower at Ninth and Stewart around 2017.
• RBF Property Group, which has ties to China, is planning a 42-story tower with 95 condos and 78 hotel rooms at Stewart and Minor.
The hotel sites are just a few blocks from where the Washington State Convention Center wants to expand. The 1.2 million-square-foot expansion is proposed for a site between Ninth and Boren avenues, Howell and Pine streets.