Post Content

Poll: Should the City help finance the new Old Town hotel development

Heron, a proposed hotel development at 699 Prince Street, image via Monarch Urban

Alexandria has been bleeding hotels and local economic and tourism experts said if Alexandria wants to fully capitalize on a post-COVID tourism boom, it needs to pitch in on a new hotel.

At a meeting last week, the City Council expressed cautious enthusiasm about a proposal that Alexandria put a little of its tax revenue from the hotel back into the developer’s coffers. The proposal involves offering incentives to help finance the development of a luxury hotel at 699 Prince Street.

AEDP CEO Stephanie Landrum said the financing structure being proposed limits the risk involved for the city. The city, through AEDP, would pay bond trustees out of a 1% cut of the sales and use tax generated by the hotel after the project is complete and begins to generate revenue. The project is estimated to generate roughly $2 million annually in revenue, which Landrum said was a “significant amount of money” for the city to come from one project.

But there are still concerns about the city being involved in financing a private hotel development. The City Council wasn’t opposed to the project overall on first reading, but Alyia Gaskins said the city should put in work to ensure laborers at the project are paid fairly and treated equitably.

The project is scheduled for final review at a public hearing on Saturday, Jan. 22.

Recent Stories

Good Wednesday morning, Alexandria! ☀️ Today’s weather: Expect sunny conditions with a high of around 39 degrees, accompanied by a south wind blowing at 6 to 10 mph. The night…

Single-family-only zoning is no more in Alexandria. Alexandria’s City Council voted unanimously at around 1 a.m. on Wednesday, Nov. 29, to approve the Zoning for Housing/Housing for All initiative. The…

Douglass Memorial Cemetery (1421 Wilkes Street) has long suffered flooding and neglect, but the City of Alexandria said plans to address issues at the cemetery will be presented at a…

A new development at 1604-1614 King Street, sharing a similar name with a London locale and a mediocre Overwatch map, could see a group of new condos built a stone’s…

Unwrap the magic of Black Friday and Small Business Saturday all weekend at Current Boutique! Dive into luxury with exclusive deals on pre-loved designer treasures, celebrating sustainable fashion with every purchase. Whether in-store or online, indulge in guilt-free glamour and support local businesses. ✨🛍️👗

💥 Sale: 25% off everything & 50% off tall boots

📅 Date: Friday November 24 – Sunday November 26

Read More

Submit your own Community Post here.

Christmas Through The Ages

Christmas Through The Ages – Join the Washington Men’s Camerata, and Guest Director Scott Tucker for a program of Christmas and holiday music spanning the centuries through today, featuring the music of Bach, Lauridsen, Abbie Betinis, and many others.

×

Subscribe to our mailing list