The city plans to unveil the full details of the Grand Alps Resort and Hard Rock Hotel off Belt Line Road, north of Interstate 30 at a news conference at 4:30 p.m.
But Grand Prairie spokeswoman Amy Sprinkles said the developers and the city have been in talks about the proposed partnership for several weeks.
As part of the agreement, the city is kicking in an unknown acreage of land to house the massive year-round ski facility and across Belt Line Road from Lone Star Park and a tax increment-financing district.
The city’s three-year tax increment financing funds include a 100 percent tax abatement for seven years, and a 75 percent rebate of hotel motel tax for 10 years after the property opens.
Plans for the property include a 300-room hotel with 28,000 square feet of open meeting space and 20,000 square feet of divisible meeting space, as well as two restaurants, a workout facility, luxury spa and resort-style pool complex on top of the roof.
Within two years of opening the hotel, the developers — Grand Alps Resort DFW Inc. behind Hard Rock International (the management arm of the hotel) hope to build a second hotel of similar size. At full build-out, the project is estimated to cost $400 million.
The developer anticipates breaking ground in the first quarter of 2015, if the financing goes through. If construction begins as expected, the project could be completed in early 2018.
Tuesday’s press announcement is expected to be made by Levi Davis and Sherman Thurston, two co-chairman of Grand Alps Resort DFW Inc.