Developer talks of putting hotel, deck on Dickson
Posted on Friday, October 3, 2008
In six to eight weeks, Fayetteville could see the next step toward getting a hotel, parking deck and more retail stores on Dickson Street.
Ken Krismanth, president of Signet Enterprises, has been in talks with the city since June 2007 about developing a hotel and some mixed-use development in Fayetteville’s entertainment district. He visited Fayetteville during Bikes, Blues & BBQ, and the talks progressed.
Krismanth said he does not know exactly what the company is planning to do within Fayetteville. During the next two months, Signet will be updating its market studies, and Krismanth said he will begin talking to interested hotel franchises.
The city was originally negotiating a contract with Signet to construct a hotel, retail and commercial space and two parking decks on adjacent land owned by the city, including the large parking lot at Dickson Street and West Avenue, a smaller lot at West Avenue and Spring Street and the current site of Grub’s Bar & Grille at that same intersection. Officials said the project could be modified to meet the expansion needs of the Walton Arts Center.
Krismanth said he has kept in touch with the city, and the original ideas based on preliminary market studies have evolved a little.
“ One of the things that was discussed in the initial market was the demand for a hotel, ” he said.
Anything Signet builds would need to come with a parking deck, Krismanth said. Fayetteville Mayor Dan Coody said the city is excited at the idea of a new hotel downtown, as well as a parking deck. The deck, combined with the hotel and the possibility of more retail coming to Dickson Street, could boost the economic value of the whole area, Coody said.
“ The synergy would definitely help everybody, ” Coody said. “ We’re excited about the idea of a hotel and a parking deck on Dickson Street. We need that in a bad way. ”
The city would look into a public-private partnership with Signet. Coody said that would involve leasing land downtown to the developer. Krismanth said he hopes a visit to the City Council is in the company’s near future.
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