The Downtown hotel will be located at 2300 First Street on the southeast corner of First and Jackson streets, across from the Sidney & Berne Davis Art Center.
This eight-story, 77,000 sq. ft. hotel will add 132 rooms to the Downtown core area, thereby strengthening the area's convention capabilities by acting as overflow lodging complimenting the Luminary Hotel and adjacent Caloosa Sound Convention Center. Developer First Street Place LLC has entered into an agreement with Mainsail Lodging (Luminary Hotel & Co.) to manage the AC by Marriott Hotel and to be a equity investor.
The AC by Marriott Hotel project was approved for a $5.57 million tax increment rebate, which will be paid back to the developers over the course of 10 years after the project is completed and is generating additional tax from its projected increase in tax value on the property. CRA Commissioners approved a 95% rebate based on the developer's commitment to benefit the community in the following ways:
A report by Gerald Hendry of Maxwell, Hendry, Simmons Real Estate Appraisers indicates that during the construction phase, this project will have an economic impact of $42.7 million and support or create 396 jobs. Additionally, it will ad an economic impact of $44.3 million and support or create 350 jobs during its initial five years of operations.
The proposed completion is Fall 2022.