REDMOND, Ore. - The Redmond Urban Renewal Agency announced Tuesday it is set to approve a partnership with hotel developer Alpha Wave Investors, LLC to renovate and reopen downtown’s historic New Redmond Hotel.
The agency was set to meet Tuesday evening to consider a $749,000 loan to the project. Urban Renewal funds are designated to help leverage private investment in the community and few projects are more crucial in achieving that goal than reactivation of the hotel.
The city said the hotel project will add $2.8 million in economic activity to downtown in the first year of operation through job creation, room revenue, guest expenditures and other factors.
“Reopening this hotel has been a top priority since it ceased operating in 2005. We know that getting visitors staying in downtown will add ‘feet on the street’ and help our existing shops and restaurants,” said Mayor George Endicott. “Attracting the right partner to revitalize the landmark building to its former use has been a key factor, and (we) believe we have found it with Alpha Wave.”
Alpha Wave, a California-based hotel investment group with a proven track record of historic hotel renovations across the U.S., plans to position the property as a historically significant boutique hotel, supported by street-level restaurants and retail shops. That includes investing more than $2.8 million to transform the hotel into an upscale mixed-use destination.
“We are very excited to be working with the City of Redmond to help recharge Redmond’s historic downtown district," aid Ken Cruse, CEO of Alpha Wave Investors. "Our goal is to honor the building’s heritage while bringing the hotel and other businesses to a level of style, functionality and comfort that will appeal to modern travelers and Redmond residents alike.“
The first phase begins next summer, which will feature the addition of a new rooftop bar and restaurant, and an adjoining outdoor deck for guests to enjoy Redmond’s panoramic views. The second phase, to be completed before summer of 2019, will include the full renovation of the guest rooms, lobby and additional first-floor retail space.
More information on the Redmond Urban Renewal Plan can be found online at: http://www.ci.redmond.or.us/government/departments/community-development/economic-development/urban-renewal. If you would like to learn more about Redmond’s Urban Renewal programs, please contact Chuck Arnold, Urban Renewal Program Manager, at (541) 923-7761 or email email@example.com.