Melbourne City Council on Tuesday unanimously approved a master redevelopment agreement outlining a major hotel project in the city’s downtown neighborhood. Following Tuesday night’s vote, the Tapestry Collection by Hilton, a boutique hotel in downtown Melbourne, is one step closer to reality.

What does that mean for downtown? Here are five things to know:

1. The site is a city-owned lot

The proposed development site is a city-owned parking lot just north of Meg O’Malley’s Restaurant and Irish pub, at the corner of East Strawbridge Avenue and Waverly Place.

Early discussions prompted residents to express concern about the loss of public parking downtown. City officials say the hotel will have a three-level, 156-space parking structure that will include 30 parking spaces designated for public use.

2. The hotel is going to be big

The plan is for an 11-story hotel with 156 rooms. Developers say the building will also house amenities like a coffee shop, meeting and banquet rooms and a rooftop terrace.

The zoning ordinance would permit the Tapestry Collection by Hilton hotel to reach a height of 123 feet; significantly taller than the neighborhood’s 96-foot limit. Developers say the extra height was necessary to build enough rooms to make the hotel fiscally viable.

3. The project has the potential to bring in money and jobs

During their stays in Melbourne, hotel guests are projected to spend about $8.8 million per year, excluding lodging costs — a prospect that’s understandably exciting to downtown business owners.

Additionally, the developer says the hotel will create 42 to 50 full-time jobs.

4. An incentive package is in the works

The project is projected to cost about $35 million, including the $500,000 the developer has agreed to pay to acquire the 0.6 lot from the city.

The city will secure a $2 million U.S. Housing and Urban Development loan, which will be repaid by the developer. Additionally, the developer will receive $807,093 in property-tax reimbursement over a 20-year span.

5. It’s one of several major projects in the area

The Tapestry Collection by Hilton is one of a slew of projects planned for downtown Melbourne and the surrounding area, all aimed at invigorating the neighborhood.

Other projects include the $30 million, eight-story Highline apartment complex, which broke ground at the site of old Melbourne High in June. The school building was demolished in 2015.

Another project, Hidden Harbor Estates, is planned for 11 acres off Eau Gallie Boulevard between Apollo Boulevard and the railroad bridge. Plans call for 25 townhomes, nine waterfront single-family homes along the Eau Gallie River, and 20,000 square feet of office-professional space.

Within five years, Harry Mirpuri hopes to finish Hidden Harbor Estates and his other, higher-profile venture: redevelopment of the the old Intracoastal Marina-Coral Bay Restaurant property on U.S. 1.Wochit

FloridaToday.com

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