Economic & Community Benefits
Details and Stages
The Excelsior Bay Hotel would provide significant economic and public benefits to Excelsior, nearby communities, Hennepin County and the State of Minnesota.
economic
One time: More than $15 million in construction costs with an estimated $6 million paid to construction workers who will spend some of this locally on dining out, gas, groceries, etc.
Annually: an estimated $4 million+:
$2 million+ annually in wages and salaries for 60+ employees who will spend some of this locally on dining out, gas, groceries, attire, and so much more
$1.8 million+ annually in local spending by hotel guests
$250,000+ annually to local and regional food, beverage and ingredients producers, suppliers of room-related goods and services, telecom vendors, utility companies, and other vendors
Fiscal
Estimated $960,000 yearly ($120,000+ to Excelsior)
State sales taxes: $500,000+
County taxes: $250,000+; estimated $70,000 of this will go to Excelsior.
Payroll taxes: $160,000
Room surcharge just for Excelsior annually; $50,000+
public
Excelsior Bay Hotel also would provide:
A downtown, water-view, public gathering place (outdoor as well as indoor)
Protection of the view corridor to the lake from Water Street, and to the Pavilion from the corner of Water and Lake Streets
A visual bridge from historic Water Street to The Commons and Port of Excelsior
Improved pedestrian safety in front of the hotel and at the corner of Lake and Water Streets
Landscaping that is superior to that required
A green roof, water storage and treatment system that will reduce the amount of polluted storm water that otherwise flows directly into Lake Minnetonka
DETAILS & stages
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Discussed with Excelsior’s commissions and council in late March/early April 2022. For video, click here and go to 0:30:10. For document, click here and go to page 54.
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Our draft exterior design, formally known as a “sketch plan,” was created to gather feedback from the city, residents, business owners and the broader public before presenting a go-forward design. At this stage in the process, city officials only provide feedback; they do not take action.
The sketch plan was presented to the Planning Commissions on July 25, 2022. Video of this can be seen by clicking here (starting at 0:01:00) and print-form details provided to commission members can be found here beginning on page 11.
It was presented to the Heritage Preservation Commission on July 26, 2022. Video of this can be seen by clicking here (beginning at 0:35:45). Print-form materials provided to this commission were the same as those provided to Planning.
It was presented to the City Council on Aug. 1, 2022. Video of this can be seen by clicking here(beginning at 0:02:52) and print-form details provided in councilmembers packet can be found here beginning on page 96.
All three supported the initial concept.
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We began this process by first presenting the draft exterior design to Excelsior commission and councilmembers for their feedback. We also did the same with Excelsior’s Morning Rotary Club and Lions Club, and the Excelsior-Lake Minnetonka Chamber of Commerce. All three expressed support for this project.
Our ad-hoc committee of community members are ready to meet with residents to gather feedback that can help refine the look and feel of the hotel’s exterior.
This approach will ensure a design that honors Excelsior’s history, adds to its charm and attracts visitors year round.
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While considering all public input and refining the exterior design, we also would refine the specifics of the interior, such as how much space is needed for the restaurant kitchen, the banquet kitchen and mechanical areas. During this time, civil engineering, traffic, noise and other studies would be conducted. Information from the above would be used to create what is referred to as a preliminary plan to submit to the City for consideration.
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Ariel video of new hotel concept
Presentation PPT to City Council