The center is being developed to ease the demand for business and recreation space in the city as Allen undergoes corporate office and retail growth. That demand has also spurred the development of the Watters Creek Office Park, which will encompass 860,000 square feet in five or six buildings constructed next to the convention center.
“With the relocation of corporate tenants such as KONE Elevators, Allen is quickly becoming a Class-A office market,” said Dan Bowman, executive director of Allen Economic Development Corporation. “This convention center and the adjacent Watters Creek mixed-use destination provide amenities that are critical for these corporate tenants.”
According to a study by HVS Global Hospitality Services, the convention center will bring in $3.6 million in revenue annually by its fourth full year of operation.
Developer TCH Altera has worked on other prominent hotels, including the Mandarin Oriental in Las Vegas and The Knickerbocker in New York City’s Times Square. The company said it has already secured financing for the project and will be ready to break ground by the end of the summer.
Architectural design will be provided by 5G Studio Collaborative, which designed Omni Dallas in downtown, and Plano’s Aimbridge Hospitality will manage the hotel.