The City of Mesa authorized the town’s city manager to negotiate a deal with a developer to construct a 5-story AC Hotel by Marriott on the northeast corner of Main Street and Centennial Way. The 85,000-square-foot hotel would consist of 150 rooms, an outdoor pool and a lounge open to guests and the public. The project is slated to cost $39 million.
The terms of the deal would require the city to reimburse up to $288,000 in construction sales taxes generated by the project. The developer would be obligated to license up to 100 parking spaces within a parking garage, which is projected to generate $5 million in revenue over the 50-year term of the parking license.
Under state law, the hotel project would be exempt from approximately $2.1 million in property taxes.
The post City of Mesa Advancing Marriott Hotel Plans appeared first on Connect CRE.
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