With the Augusta Convention Center complete, a long-discussed Hyatt hotel on Reynolds Street could be gaining momentum with potential tax incentives to move the project forward.
Developer Cortland Dusseau and an out-of-town investor visited Augusta on Monday to meet with the Downtown Development Authority and tour the proposed project’s site bordering the west side of Augusta Common.
DDA Executive Director Margaret Woodard declined to name the investor, but she said she’s working on a tax allocation district to help advance the plan after years of financing delays.
An eight-story, 139-room Hyatt Place has been delayed since 2010 when Dusseau, of Alabama-based Augusta Commons Hospitality LLC, formerly Legacy Hospitality LLC, ran into financing troubles.
Dusseau said he hasn’t given up hope for the Augusta hotel and works on the project every day. He doesn’t know when he will secure a bank loan or start construction.
“The TEE Center is open now. We’ll see if that’s going to help or speed things up,” he said. “I’ve been at it so long now I don’t want to make predictions anymore.”
Woodard said a few interested parties have asked about the hotel site since the beginning of the year. The convention center’s opening wasn’t discussed at Monday’s meeting, but she thinks that could have led to renewed interest.
“From any investor’s point of view, that’s going to help to see a finished project,” Woodard said.
A tax allocation district was created in November to help hotelier T.R. Reddy move forward with a $6 million project to renovate the old Regency Inn on lower Broad Street into a Holiday Inn Express and Suites.
Woodard said there is a need for both hotels as upcoming conventions are expected to bring thousands of visitors to the city.