57°F
weather icon Partly Cloudy

Marriott hotel approved in downtown Las Vegas Symphony Park

A new Marriott convention hotel for Symphony Park has been approved by Las Vegas leaders, drawing a $95 million investment to an integral downtown development with the promise of jobs.

The AC Hotel by Marriott, or a “comparable brand,” will be built on the corner of Grand Central Parkway and Symphony Park Avenue, just west of The Smith Center for the Performing Arts and across from the underway Expo at World Market Center.

Like the Expo, the 406-room, six-story hotel is scheduled to open in the summer of 2020, city officials said. It will include a restaurant and fitness center as well as 20,000 square feet of meeting space and additional retail.

“We’re going to continue to create more in-fill development within Symphony Park and bring more jobs and opportunities into our ward,” Councilman Cedric Crear, who represents Ward 5, said Wednesday when the deal was approved.

The project is expected to create roughly 150 construction jobs, 175 direct employees and 104 indirect and induced jobs, while generating roughly $1.5 million in annual state and local taxes, officials said.

Jackson-Shaw, the group behind the roughly $95 million project, has developed 21 hotels and more than 60 million square feet of commercial real estate since its founding in 1972. Its Las Vegas portfolio includes the Renaissance Las Vegas Hotel and the Hampton Inn Tropicana.

“World-class cities deserve world-class projects,” said Bill Arent, the city’s director of Economic and Urban Development. “And world-class projects take world-class developers.”

Michele Wheeler, the president and chief operating officer for Jackson-Shaw, said the AC Hotel, with its Spanish-inspired design and upper-modern lifestyle brand, would complement existing and planned properties in the area.

The hotel’s introduction is just the latest add-on for Symphony Park, the downtown mixed-use development that Las Vegas officials view as an integral build-out for arts, culture, science and medicine sectors.

Two parking garages, including nearly 30,000 square feet of ground-floor retail space, are nearing completion, officials say. And more than 600 residential units between Aspen Heights and Southern Land Company projects are under development.

Details of the deal

Under the agreement reached Wednesday, Jackson-Shaw purchased the estimated 2.63-acre property for $3.4 million from the city’s affiliate nonprofit, City Parkway V Inc., which acts as a holding company for real estate assets.

While the price tag was on point with one of two appraisals secured by the city from independent companies, it fell well short of the $7.3 million high valuation.

Arent said downtown Las Vegas values tend to fluctuate depending on several factors, including what will be built, what is adjacent to the property and existing infrastructure.

City officials insisted the sale was legitimate but also cited the discount as enabling the city to attract a developer willing to construct a hotel that met its requirements. They said that tax revenue will exceed the discount amount within eight years and resulting economic development is in the public’s best interests.

“We tried to figure out a value that would be fair to the city,” Arent said, “but also to enable the project to move forward.”

The project was also not formally put out to bid, he said, but city officials advertised the sale and engaged developers through local and national real estate channels.

Contact Shea Johnson at sjohnson@reviewjournal.com or 702-383-0272. Follow @Shea_LVRJ on Twitter.

Don't miss the big stories. Like us on Facebook.
Politics Videos
Tomi Lahren Speaks at UNLV - VIDEO
Fox News contributor and UNLV alumna Tomi Lahren returned to campus Wednesday night for a speech, titled “Stay Triggered,” that drew an auditorium of supporters as well as a group of protesters outside. (James Schaeffer/Las Vegas Review-Journal)
Bernie Sanders released from Las Vegas hospital - VIDEO
Sen. Bernie Sanders, I-Vt., issues a statement after he was released from Desert Springs Hospital Medical Center on Friday, Oct. 4, 2019, after suffering a heart attack earlier in the week. (Bernie Sanders via Twitter)
Democratic presidential candidates speak on impeachment - VIDEO
Democratic presidential candidates attending the March for Our Lives/Giffords Gun Safety Forum in Las Vegas comment on possible impeachment proceedings. (Las Vegas Review-Journal)
Joe Biden Las Vegas Rally Highlights - Video
2020 presidential candidate, Joe Biden, came to Las Vegas to talk guns, climate change and the Ukranian-Trump scandal. Biden was interrupted by a protestor who sat amongst supporters at the rally and continued with his speech. (Angus Kelly & James Schaeffer / Las Vegas Review-Journal)
Joe Biden comments on Trump and his campaign efforts in Nevada - Video
After an impeachment inquiry was opened on Donald Trump, Joe Biden talks with Review-Journal politics reporter Rory Appleton about Trump and his campaign in Nevada. (Angus Kelly & James Schaeffer / Las Vegas Review-Journal)
Bernie Sanders Unveils Affordable Housing Plan - Video
Bernie Sanders sits down with the Las Vegas Review-Journal to talk about his new affordable housing plan he unveiled at Plumbers & Pipefitters.
Jim Marchant talks gun control and Dreamers - Video
Republican Candidate for District 4 Jim Marchant talks about gun control and immigration policies. (Las Vegas Review-Journal)
Hurricanes, Gender, and Science in the Press
Imagine if the mainstream media’s current hurricane-sized obsession with scientific accuracy applied to gender.
Cory Booker on college tuition and minimum wage
Cory Booker talks on the RJ Politics podcast about college debt, informing workers about their rights and livable wages.
Nevada Politics Today: Teacher raises - VIDEO
Jason Goudie, the chief financial officer for the Clark County School District, talks about teacher pay and raises. (Las Vegas Review-Journal)
Media's Double Standard On Incitement And Trump - Video
Over the weekend, an Elizabeth Warren-supporting socialist who opposed gun violence used a rifle to commit a mass murder in Dayton, Ohio. The media has downplayed that aspect of the tragedy.
Project Our Care Tour Kicks Off In Las Vegas
U.S. Rep. Dina Titus joined health care advocates and local residents as part of Protect Our Care’s nationwide bus tour kick off in Las Vegas on Monday, August 5, 2019. (Mat Luschek / Review-Journal)
Bernie Sanders talks about guns, response to El Paso shooting
Sen. Bernie Sanders spoke about his response and continued policy ideas about guns and gun control to the Review-Journal after a panel of other topics. (Rachel Aston/Las Vegas Review-Journal)
Pete Buttigieg On Gun Control And Climate Change - Video
Pete Buttigieg talks about his campaign for the 2020 election and how Nevada is a vision of what the future can be.
Beto O'Rourke speaks in Las Vegas
Presidential candidate Beto O'Rourke spoke to supporters at the East Las Vegas Community Center in Las Vegas, Thursday, Aug. 2, 2019. (Las Vegas Review-Journal)
Former Nevada Senate leader Kelvin Atkinson sentenced to prison
Former Nevada Senate Majority Leader Kelvin Atkinson, who pleaded guilty to misusing campaign funds, was sentenced to 27 months in prison on Thursday, July 18, 2019. (Mat Luschek/Las Vegas Review-Journal)
THE LATEST
Las Vegas might prosecute domestic violence without gun provision

The Las Vegas City Council will consider prosecuting misdemeanor domestic violence cases under a new city code that would not ban those convicted of the crime from possessing firearms, in order to avoid having to hold jury trials for the offense.