By STEVE FREKER
MEDFORD— A third hotel is coming to the city.
Mayor Stephanie M. Burke plans to highlight the proposed $25-30 million, eight-story, 124-room “boutique”-style luxury hotel at 101 George P. Hassett Drive in Medford Square in her Feb. 28 State of the City speech.
The project is planned for a September 2017 construction start with its opening expected in the fall of 2018.
Burke said the new hotel would bring an estimated $600,000 in tax revenue to the city.
“It is this commitment by my transition teams, citizens, city employees and elected officials on all levels of government that has fostered this cooperative effort,” she said. “Economic development and development in general is necessary to maintain a financially strong municipality.”
The building site is a long-vacant office building and land located within a stone’s throw of City Hall. The project developer is RudraH Hospitality LLC, which operates hotels in Massachusetts and Rhode Island, including a Holiday Inn Express in North Attleboro and a Fairfield Inn & Suites in Milford.
The architectural firm planning the project on the 8,398-square-foot lot is Northeast Collaborative Architects of Providence, R.I.
The parcel and existing buildings, a vacant office building and two smaller, unattached vacant properties, was purchased for $1.5 million by RudraH on Feb 1 in a deal brokered by Medford-based Andrew Realty.
Medford is already the home of to the 157-room Hyatt Place Boston on Riverside Avenue, also near City Hall, and the 152-room AC Marriott Hotel at Stations Landing alongside Wellington Circle.
The new hotel project includes plans for a rooftop function room and conference center as well as a skybar with clear views of Medford and the Boston skyline.
It is expected that variances for the new construction on the property would be required and sought from the city as the lot is now zoned for five-story residential use.