The final financial documents have been signed and the developer of a new downtown hotel will close on the $650,000 purchase of the site no later than Thursday.
The closing signals that a planned construction start date this spring for the Spring Hill Suites by Marriott hotel is still on track for the half-acre property at 102 Old Main St., across from city hall.
During a special meeting Wednesday, the city council unanimously passed a resolution authorizing Mayor Wayne Poston to close the deal on a purchase agreement first approved in January 2016.
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“All parties are prepared to close this transaction and since they are closing (Thursday), we couldn’t wait until next week’s meeting to get this done,” said Carl Callahan, city administrator.
The $17 million, nine-story hotel will include 120 suites and feature a 3,000-square-foot restaurant with an outside pool and tiki bar. David Cocco, president of Pittsburgh-based developer North Star Lodging and Development, was on hand for the resolution passage, saying only, “It’s going to be a great hotel.”
The project is expected to create hundreds of local temporary construction jobs, as well as permanent hotel, restaurant and bar jobs when the hotel opens sometime around the fall of 2018. Bradenton’s NDC Construction is the contractor for the job and was also selected to build the new City Centre parking garage.
As part of the hotel deal, the city agreed to dedicate 100 parking spaces in the garage for the hotel.