Jefferson City, Missouri Development News

Conference Center Project Update: Increased Hotel Rooms, Revised Costs, and Progress on Financing

The council received an update on the conference center project, detailing progress in design, engineering, and capital stack advancements. The number of hotel rooms has increased from 203 to 215 within the same square footage. Market studies by CBRE project an average daily rate of $177 for the first year of operation (June 1, 2028 - May 31, 2029) with an initial occupancy rate of 64%, stabilizing at 70%. Amenities remain consistent except for the pool's relocation. Parking capacity has increased to 567 garage spaces plus 52 surface lots, totaling 619. The meeting space remains around 30,000 square feet of leasable area. The updated all-in construction cost estimate is approximately $145.9 million. The project is aiming for a bond sale and closing in early October to secure current construction pricing, with a notice to proceed in mid-October. Several resolutions were passed to authorize legal engagement for bond counsel and underwriters, and for a market analysis, with fees coming from the conference center fund. A hotel branding study was also approved for $185,000.