Cape Council to consider incentives for 112-room suite hotel
EDO Project Overview_Marriott TownPlace Suites tsw with EM slides
A major hospitality brand is planning to build a 112-suite hotel north Cape Coral and is looking to utilize city-offered incentives for the $29 million project.
A TownePlace Suites by Marriott Hotel is planned at 1475 N.E. 8th Terrace, with the incentive package designed to attract a hospitality operator. The incentive will help bridge the gap in the project funding and improve tourism infrastructure, as well as install a backup generator at the hotel as a source of reliable power in the event of a declared weather emergency, officials said.
The total investment of the project is $29.1 million for the 13,500-square-foot, five-story hotel on the parcel behind a small shopping center that includes First Watch, Mission BBQ and Crumbl Cookies at Pine Island Road and Del Prado Boulevard. The project will include an outdoor pool, fitness room, and a “welcoming breakfast area.”
A proposed Economic Incentive Package to the Continental 779 Fund, LLC totals an approximate $2,783,270, or 8.3% of the project cost, will come before Cape Coral City Council on Wednesday.
Key highlights include a shelter partnership with Emergency Management, generator reimbursement by the city of $350,000 after a certificate of occupancy is issued, and the option to reserve up to 37 rooms in case of a local emergency.
The proposed project commencement is November with an anticipated construction completion in April 2027.
The project will be managed by Schulte Hospitality Group, a professional hotel management and development company that manages 200-plus hotels under brands from Marriott, Hilton, Hyatt, and others, the presentation to be made to council states. The agreement and project will be reviewed for possible future replication with similar developments.”
“This agreement supports significant economic and emergency management operations by providing financial incentives for new hotel development with strong municipal partnership provisions and compliance requirements,” the presentation states.
In other business, council also is expected to vote on the revised building permit fee schedule for new construction and building permit miscellaneous fee. The resolution is being brought forth to sunset the 25% permit fee discount, which was approved in June 2020. The resolution also establishes a flood plan fee of $55 and a 15% private provider discount.
The fees are broken down into construction types, project size threshold, base cost and threshold size and cost for additional 100 square feet.
The miscellaneous permit fee schedule has a 2.5% surcharge fee added to all permits associated with the enforcement of the Florida Building Code.
The Wednesday, Oct. 22, meeting will take place at 4 p.m. in City Council Chambers, 1015 Cultural Park Blvd.
The meeting is open to the public.
To reach MEGHAN BRADBURY, please email news@breezenewspapers.com