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In The News

Virginia Historic Tax Credits

April 28, 2016

Second feasibility study planned for downtown SoBo hotel

Posted: Wednesday, April 27, 2016 4:52 pm

The former John Randolph Hotel in South Boston will be evaluated again as the site of a boutique hotel, Town Manager Tom Raab told South Boston Town Council at its Monday work session.

Raab said the town’s IDA has contracted with Creative Boutique Hotels out of Roanoke to develop a Phase 2 feasibility study for the renovation of the John Randolph Hotel Building as a tax credit financed historic boutique hotel.

The estimated fee to develop Phase 2 is $10,000, with the fee credited back to the South Boston IDA once the project is funded and ownership control of the building is in the developer’s control.

According to Raab, Creative Boutique Hotels will develop and submit a Part 1 application with the Virginia Department of Historic Resources (VDHR) and the National Park Service (NPS) to qualify the Randolph building for the Virginia and Federal historic tax credits.

It also will develop an updated concept for the proposed hotel development including concept site plan, floor plans and roof plan based on the redevelopment of the historic building alone.

As part of the study process, Creative Boutique Hotels will meet with the VDHR during their next monthly meeting. It is working with a first Friday review process with Kimberly Christner, CEO of Conerstone Hospitality, and evaluating the changes in the South Boston market during the last three years to determine whether the project can be financially viable given the number of guest rooms and revenue sources available.

Creative Boutique Hotels will develop a new, preliminary construction estimate and project financial proforma, and it will develop the final development package and PowerPoint presentation, according to Raab.

An earlier feasibility study cost approximately $10,000, with a grant paying for that study, he noted.

Read the complete article