The Martinsville City Council and the Martinsville Land Bank Authority passed a resolution on Tuesday to support plans for an 80-unit Holiday Inn Express to be built at the former National Guard Armory.
The property, located at 315 W. Commonwealth Boulevard, was deeded to the City last October after being declared surplus by the state. Since then, several inquiries have been made regarding its potential use. In April of this year, a request for proposals was issued to seek development options.
City staff recommended that the Council proceed with a proposal from Kayak Hotels, LLC, for the development of the western half of the approximately 3.5-acre property.
Kayak Group CEO Kalpak Shah presented plans for the hotel project, estimating a $10 million to $12 million investment from the company. Once completed, the hotel is projected to generate over $220,000 in annual tax revenue, based on a 65% occupancy rate. More detailed information on the project is available here.
The Council convened as the Martinsville Land Bank Authority, passing a resolution in support of the project, before reconvening as the City Council to pass a similar resolution. This action will allow the developer to proceed with the due diligence aspect of the project.