News Flash

Redevelopment - News

Posted on: September 29, 2020

AC by Marriott Hotel to add 132 hotel rooms to Downtown redevelopment area, Approved for Rebate

AC Hotel Rendering in daylight

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:

  • 15% Minority Business Enterprise (MBE) Commitment The developer will commit $1,000,000 during the design and construction phase of the project to MBEs (15% of total construction would be $4,323,000).
  • Non-for-Profit Community Organization Contribution of 5% of the annual TIF Award First Street Place LLC plans a 5% yearly contribution to United Way of Lee, Hendry, Glades and Okeechobee Counties to specifically fund a new social justice program being formed between the Nations Association and Fort Myers Police Department.
  • Out of the Box Developer First Street Place LLC proposes a 132-room hotel located within one pedestrian shed of the Caloosa Sound Convention Center. The additional rooms are needed to support Fort Myers ability to draw world class conventions to the new Caloosa Sound Convention Center.

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.

Facebook Twitter Email

Other News in Redevelopment - News

2021 Edison Awards Nominate your innovation reduced fees end October 30 2020 Gold Silver Bronze

Edison Awards Call for Nominations

Posted on: October 12, 2020
Hampton Inn Groundbreaking October 15, 2020 Groundbreaking and hotel images Fort Myers CRA logo

Hampton Inn Groundbreaking Ceremony

Posted on: October 12, 2020
State of Florida Seal

COVID-19 Executive Order Number 20-244

Posted on: September 28, 2020
Fort Myers Community Redevelopment Agency Fiscal Year 2020-2021 Budget Cover

FY 2020-2021 Fort Myers CRA Budget Adopted

Posted on: September 25, 2020
Florida Department of Business and Professional Regulation Logo

COVID-19 Emergency Order 2020-10

Posted on: September 14, 2020
Fort Myers Community Redevelopment Agency Business Directory 2020-2021 Map Marker Image

2020/2021 Business Directories Online

Posted on: August 17, 2020
Edison Awards Image Innovations and Innovators Thomas A. Edison Signature and Likeness

CRA Supports Prestigious Edison Awards

Posted on: August 17, 2020
Florida Department of Business and Professional Regulation Logo

COVID-19 Emergency Order 2020-09

Posted on: June 26, 2020
Fort Myers Downtown and River image

TIF Rebate Guidelines Updated

Posted on: December 16, 2019
State of Florida Seal

COVID-19 Executive Order 20-139

Posted on: June 4, 2020
Live, Work, Play redevelopment CRA Newsletters Subscribe Now www.cityftmyers.com/cra CRA Logo

CRA Newsletters

Posted on: October 12, 2020
State of Florida Seal

COVID-19 Executive Order 20-131

Posted on: April 23, 2020
State of Florida Seal

COVID-19 Executive Order 20-95

Posted on: April 7, 2020
State of Florida Seal

COVID-19 Executive Order 20-91

Posted on: March 31, 2020
Fort Myers Community Redevelopment Agency Fiscal Manager Cheryl Thornton

Cheryl Thornton Earns FRA-RP Designation

Posted on: October 29, 2019
Luminary Hotel Exterior at Topping Out Ceremony

Luminary Hotel Topping Out Ceremony

Posted on: June 27, 2019
Grand Central Apartment Construction Aerial View from the Southeast

Grand Central Update

Posted on: May 24, 2019
Completed medians along Cleveland Avenue

Cleveland Avenue Medians Completed

Posted on: January 25, 2019
East Fort Myers redevelopment area spotlight Neenie's House

EFM Spotlight: Neenie's House

Posted on: January 25, 2019
Fort Myers Community Redevelopment Agency Senior Administrative Assistant Sheryl Rea

Sheryl Rea Joins Fort Myers CRA

Posted on: April 26, 2019