Development on the property may include housing, a restaurant or office space to help cover the annual cost of maintaining the park components, according to plans presented.
The hotel proposal was approved before the current one-year moratorium on new hotel projects in Asheville.
The Create 72 Broadway project was approved by the Asheville Downtown Commission at its July meeting.
The naming rights issue is controversial, with competing bids from U.S. Cellular and Harrah's Cherokee Casino.
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The hotel proposal moves on the Asheville Planning & Zoning Commission for review.
Updates on the proposed Parisian Hotel, downtown busking and parking, and more.
Asheville Downtown Commission members expressed concern about the proliferation of STRs and said they would draft a memo to Asheville City Council outlining their worry.
Applicants see a city nearing a tipping point with the impact of downtown development and tourism, and they want to have a voice in how it shakes out.