MARTINSVILLE, Va. – Martinsville leaders have taken a step forward to support plans for a ten-million-dollar hotel project.
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On Tuesday, July 11, Martinsville City Council and the Martinsville Land Bank Authority passed a resolution for an 80-unit Holiday Inn Express to be built at the former National Guard Armory.
Since the city acquired the property, several inquiries have been made regarding its potential use, leaders said.
We’re told a request for proposals was issued to seek development options back in April.
Kayak Group CEO Kalpak Shah presented plans for the project, estimating a $10 million to $12 million investment., according to city leaders.
Leaders said that once work is finished, the hotel is projected to generate over $220,000 in annual tax revenue, based on a 65% occupancy rate.
City Council convened as the Martinsville Land Bank Authority on Tuesday to pass the resolution in support of the proposal, which will allow the developer to proceed with the due diligence aspect of the project, according to city leaders.
You can see the detailed proposal and renderings provided by the City of Martinsville below.