Last Saturday's vote on the Dallas Convention Center hotel has finally settled its fate. Or has it?
The Dallas-owned hotel passed narrowly, separated by just over 2,000 votes. Supporters say that the hotel will create more jobs, as about 3,000 people will be needed for construction and 1,000 people will be needed for operations.
Dallas Mayor Tom Leppert, one of the $500 million project's supporters, was excited about the victory.
"I think it looks good," Leppert told WFAA-TV. "I think the Dallas taxpayers are the winner...we're going to have an even more vibrant downtown; we're going to move the city forward."
However, the 1,000-room Dallas hotel still faces one major challenge: finding funding. The project will be funded by the sale of revenue bonds, which have seen high interest rates in light of the recent credit crisis. The city is looking for an interest rate of 5.5 percent or better.
"We won't go forward if it is substantially higher than that," Leppert said. "We simply just won't do it, and then we will sit and wait for the appropriate time to move forward."
The convention center hotel is just one piece of Dallas' revitalized downtown area. Adjacent retail, food and entertainment complexes are expected to follow.