Holiday Inn, a 6-story, 135-room full-service hotel to be built in the Downtown redevelopment area, was approved for a tax increment rebate up to $3,300,000, at the Fort Myers Community Redevelopment Agency (CRA) Board of Commissioners meeting on May 22.
Holiday Inn will be built on the three original city land parcels at 1651 Royal Palm Avenue, 2465 Second Street, and 2466 First Street, located on the northeast corner of Royal Palm Avenue and Second Street. The hotel will offer a restaurant/bar, meeting space, amenities, and a local art space open and featured during Art Walk event nights. It will include surface parking.
This project will provide needed hotel rooms, thereby contributing directly to the revitalization of the Fort Myers River District. It will add approximately 152 construction jobs and 59 full-time jobs to residents of the area once it is completed.
The Holiday Inn Hotel, being developed by HIDEV Group LLC, a division of Land Developers Associates (LDA), will receive a $3.3 million tax increment rebate, capping the maximum payment for the first five years at 95%, and at 75% each subsequent year, of the increment value generated by the project until the $3.3 million is satisfied or until 2044 when the Downtown redevelopment area sunsets. Site work on the $22,800,000 project will begin in 2019. Construction completion is expected in April 2020, with an estimated project completion date of 2021.