Veronica PiscitelliColumbia is exploring plans for a multimillion-dollar convention center that could generate up to $63.2 million in annual economic output, according to a new feasibility study presented to city officials.
The director of Columbia’s Convention and Visitors Bureau, Amy Schneider, presented the project’s feasibility study to the City Council on March 3. The study, conducted by Texas-based Conventions, Sports & Leisure, investigated the logistics of the construction.
The local hospitality industry is urging the new development as Columbia experiences a period of economic and population growth. According to the study, the city has grown at nearly four times the rate of the state itself. Additionally, Columbia’s prime location between St. Louis and Kansas City, makes it a great candidate for a building capable of hosting several thousand visitors at a time.
About 1.7 million tourists visit annually, generating $615.8 million in spending and creating 3.8 million nightly stays. In 2022 and 2023, the area’s hotel market saw steady demand at an annual occupancy rate of 59%. Columbia is also the home to the University of Missouri, whose sporting and other events pique the average daily hotel room rates.
The feasibility study detailed 18 potential site candidates for the convention center and ultimately narrowed it down to two contenders. It found the best location to be the Holiday Inn near the Columbia Mall, followed by a site downtown, if space is available.
While still in the idea phase, two construction scenarios were presented to the council. The first detailed a standalone convention center of more than 100,000 square feet. The building would cost just over $103 million and produce an estimated annual economic output of $30.4 million while creating 382 full- and part-time jobs and $1.1 million in city and county tax revenue.
The second scenario would see the convention center partnered with a hotel corporation. Its construction would cost $140 to $160 million but could be split between private and public funds. The hotel and convention center’s annual economic output would sit at about $63.2 million while creating 739 full- and part-time jobs and $2.6 million in county hotel tax revenue, according to the study.
Image by Mike Gattorna from Pixabay
