(Photo courtesy of the City of Redmond)
City Urban Renewal Agency Approves $1 Million Investment
On June 13 the City of Redmond Urban Renewal Agency approved a funding recommendation for the rehabilitation of the Historic New Redmond Hotel. The recommendation commits $1,000,000 of Urban Renewal funds towards the renovation of the hotel. The privately-owned landmark is currently under contract by Alpha Wave Investors LLC. Alpha Wave, a California based hotel investment group, intends to purchase the property and revitalize it into a boutique hotel. The total project cost for the hotel is $5.25 million.
“This is an important keystone project for downtown Redmond,” explains Community Development Director Kate Porsche. “The redevelopment of the hotel will bring broad benefit to downtown’s small businesses, while preserving an important part of the city’s heritage. We anticipate the reactivated hotel will once again become a magnet that attracts more people to Redmond, to our businesses and spurs more investment.”
Alpha Wave presented the Redmond Urban Renewal Agency with a plan to position the property as a historically significant boutique hotel, supported by street-level restaurants and retail. The plan includes investing more than $2.5 million towards renovation and modernization aimed at transforming the hotel into an upscale mixed-use destination. The average room rental rate is anticipated to run $120 per night.
“The City has done a great job redefining the downtown marketplace with the investments they have made to date,” states CEO & Co-Founder Ken Cruse, Alpha Wave Investors, LLC. “We are confident the hotel will continue that momentum and look forward to being a part of it.”
The Historic New Redmond Hotel last operated as a hotel in 2005. The landmark building, located prominently on the corner of 6th Street and Evergreen Avenue, was built in 1928 and is one of three buildings in Redmond listed on the National Register of Historic Places. At a height of three stories tall and 43,500 square feet in size, it is one of the largest buildings in downtown.
A development agreement detailing expectations for the funding will be negotiated to ensure protection of the public investment. It is slated to return to the Urban Renewal Agency for approval July 25, 2017. For more information about Redmond’s Urban Renewal Agency and its programs, please visit www.ci.redmond.or.us.