A redevelopment plan proposed for two buildings at 11th and P streets would include a boutique hotel.
The $7-8 million project involves the Commercial Club building at 200 N. 11th St. and the building next door to the north at 216 N. 11th St.
According to documents filed last week with the Lincoln-Lancaster County Planning Department, developers would add three floors to the top of the four-story building at 216 N. 11th. The first floor would house a restaurant/lounge, and the upper six would be home to a high-end boutique hotel with 34 to 38 rooms.
Plans for the Commercial Club building would include hotel rooms and condos on the fourth floor and a potential remodel of the ballroom space on the third floor. The second floor would continue to have office space, and Misty's would continue to occupy the first floor.
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The documents also say a fifth floor could potentially be added for additional residential units.
The plans also call for exterior improvements to both buildings, connections between the two buildings and a skywalk from the 216 N. 11th building to the Que Place parking garage next door.
The project would use tax-increment financing, which allows developers to use the tax dollars paid on the new value of the property for construction issues related to the public good, generally using a bond that is repaid over 15 years.
At the estimated $7 million to $8 million cost, the project would generate $1 million to $1.4 million in TIF.
David Schmidt, president of Concorde Management & Development, which manages the Commercial Club building and is a part owner, said redevelopment plans are very tentative at this point. He declined further comment.
Arizona residents Nick and Brooke Castaneda bought the building at 216 N. 11th earlier this year for $700,000. Nick Castaneda declined to comment on the couple's plans for the buildings.
If the project moves forward as described, it would be the third involving a boutique hotel downtown.
The Downtown Holiday Inn closed earlier this month to undergo renovation to transform it into a boutique hotel under the Graduate Hotels brand. It's expected to open in the summer.
Down the street to the east, a 15- to 17-story hotel and condominium complex planned at Ninth and O streets is to include both a Holiday Inn Express and a small boutique hotel.