Client: City of Boulder (CO)
Nichols Partnership proposes to develop a 189-room hotel and 10,500 square feet of retail/commercial space on 1.4 acres of land within the University Hill General Improvement District (“UHGID” or “Hill District”). The redevelopment site includes the Pleasant Street public parking lot operated by UHGID. The UHGID-owned Pleasant Street public parking lot was identified as a potential ‘catalytic site’ for a use that could generate spillover benefits.
The City of Boulder commissioned GG+A to evaluate and describe the potential economic and fiscal impacts, and property spillover effects on the Hill District the development and operation of the proposed University Hill Hotel development may generate. A related purpose was to evaluate and describe the same economic, fiscal, and spillover effects potentially associated with alternative uses of the Pleasant Street parking lot. The alternatives compared to the proposed University Hill Hotel development include an office/commercial use, an affordable housing use, and a “status quo” scenario in which the Pleasant Street parking lot is maintained.
GG+A reviewed the existing and planned hotel inventory within Boulder and evaluated hotel market conditions and sources that stimulate hotel room night demand. GG+A analyzed taxable retail sales trends and retail market conditions for the Hill District and the City of Boulder. GG+A estimated the economic impact that the proposed University Hill Hotel development is likely to have on the City of Boulder economy using RIMS II multipliers. Estimates were also prepared of the economic impacts to the Hill District. Comparisons were made between the proposed University Hill Hotel development and alternative land use scenarios.
GG+A estimated the fiscal benefits that the proposed University Hill Hotel development will generate for the City of Boulder as well as UHGID. Comparisons of the fiscal impacts were also made between the proposed University Hill Hotel development and alternative land use scenarios.
GG+A also identified and described additional spillover effects the proposed University Hill Hotel development may generate within the Hill District based on a synthesis of the interviews with merchants and property owners and analysis of hotel and retail market conditions and trends.
GG+A prepared a comprehensive report including executive summary.