LEXINGTON — The project to bring an 80 room Holiday Inn Express & Suites to Lexington is now a go. The Community Development Agency, CDA, approved the redevelopment project and met with a representative from Anant Enterprises, LLC.
The project concept shows 80 parking stalls for the building, five guest rooms and meeting spaces on the first floor and 25 rooms on the next three floors. The new location is expected to create 15 full time jobs and 10 part-time jobs.
Lex Lodging applied for tax increment financing, TIF, for the project. TIF essentially reallocates funds from property taxes to encourage development within a district.
The total cost of the project will be approximately $12,701,373. Based on this valuation Lex Lodging has requested $1,800,000 in TIF funds.
City Manager Joe Pepplitsch said the CDA will issue the TIF indebtness and authorize the execution of the note.
Kirt Trivedi, one of the redevelopers, was present at the meeting to answer questions. Trivedi said he represents Anant Enterprises, LLC, based out of Omaha.
His partner in Anant is Dr. Deepak Gangahar, a retired cardiac surgeon who practiced in Lincoln and Omaha for 35 years. He is the co-founder and developer of Nebraska Heart Institute and Nebraska Heart Hosptial, Dr. Ganghar was president until his retirement in April, 2015, according to Anant’s website.
Trividei himself grew up in Pueblo, Colo., and his first hotel was a Days Inn property in Hastings.
Trivdei and Dr. Gangahar started their partnership in 2006, their company is Nebraska based.
“Thank you for allowing us to be a part of the community,” Trivedi said.
The opening date for the Holiday Inn Express location is scheduled for late 2020. Worst case scenario, Trivedi said, pending the spring and winter weather, their opening will then occur during the first quarter of 2021.
Formula Blue is a concept which is being implemented in Holiday Inn Express hotels, Trivedi said. In the past, experience may have varied from hotel to hotel. There has been an effort to make a consistent product, the same guest rooms offered in an a major city will be the same ones in the Lexington hotel.
A full breakfast will be offered at the location, not just a continental one. Trivedi said the full range is quite unique and will offer a myriad of items for people to choose from. They will also host a manager’s reception in the evening which will have a light food offering.
The location will feature meeting spaces, but not a conference center, Trivedi said they did not want to make too much competition and did not want to compete with the current conference center.
He said the price points between the Holiday Inn and Holiday Inn Express will be different, they offer a mid-scale to upscale brand.
Facilities will also contain a pool and a fitness center, which has been upgraded after hearing feedback from customers.
The CDA also looked at a purchase agreement for the 2405 Patriot Dr. home. Pepplitsch said this was a cash offer and the closing date will be Sept. 6 and the individual will be moving to the community. The purchase price was $297,000
The speculative housing sites are being built on the northwest side of town by various contractors and the CDA acting as its own contractor.
Pepplitsch noted there will not be much profit on the sale. Mayor John Fagot said, “The goal was not to make money the goal was to get houses on the ground.”
This housing project did take longer than hoped and a few pitfalls were run into, Pepplitsch said, they will learn to steer clear of these next time. A wet spring also slowed down building progress.
Yet, Pepplistch said the project did come together and overall there is good momentum.