Overview
- The developer proposed a 30‑story mixed‑use Hard Rock tower at 500 E. Bay St. that would include about 350 hotel rooms, 152 branded residences, restaurants, retail, event space and music‑oriented features such as a circular nightclub on the 18th floor.
- The project is at a conceptual stage after a Downtown Development Review Board workshop that drew strong public interest and generally positive feedback, and the team must return for full DDRB design approval before seeking Downtown Investment Authority and City Council sign‑offs.
- Financing is not finalized: developer models filed in 2025 included Recapture Enhanced Value scenarios of roughly $69.3 million over 25 years and $40.1 million over 20 years, and the DIA has estimated a possible completion‑grant range of about $37.5 million to $75 million but city officials have made no commitments.
- The developer is targeting a first‑quarter 2027 groundbreaking but says that timeline depends on completing design revisions, securing formal approvals and agreeing a financing package with the city and private lenders.
- Neighbors raised concerns about height and blocked river views, and the project’s proximity to a planned Culinary Institute of America campus at 330 E. Bay St. could create both workforce synergies and pressure on limited public‑incentive budgets.