Dallas/Fort Worth Airport is moving forward with plans for a new Hyatt Place hotel, restaurant and retail stores and a new headquarters building near its south entrance, with construction to begin as early as next summer.
The airport board's concessions committee approved a request Tuesday to develop 17 acres in the proposed Southgate Plaza, located between the airport's frontage road and the rental car facility. An additional 12 acres will be set aside for future development."This will improve our front door," board member Lillie Biggins said after viewing artist renderings and a short video of the project.The first phase will include a 137-room Hyatt Place hotel and a headquarters building that will consolidate the airport staff onto one campus. There will also be a parking garage for 430 employees and a new facility for the U.S. Postal Service, which will relocate from its current location on the west side of the airport.DFW expects to spend $92.1 million for the first phase of the project, which will be paid with joint revenue bonds and money from the airport's capital account and public improvement facility corporation fund. The public improvement facility corporation fund collects revenues from the two airport hotels and the rental car center.First-phase costs include:$14.7 million for site development$21 million for the Hyatt Place$2.2 million for the Postal Service$49.2 million for the headquartersThe mixed-use development was first discussed in 2007, but the airport put the plans on hold during the recession.This past summer, airport staff members unveiled a new plan for Southgate that included a headquarters building for DFW Airport. The full board will vote to approve the development plan Thursday.The airport staff projects that the first phase could generate $312,000 in annual sales tax revenues and $332,000 in annual hotel occupancy tax revenues for Dallas, Euless and Fort Worth. Fort Worth's tax revenues from the project could total $156,000 a year.The airport's member cities, including Fort Worth, must approve the project before the board can fund construction.Andrea Ahles, 817-390-7631Twitter: @Sky_TalkHave more to add? News tip? Tell us
