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.
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Time flies when you’re having fun! The T.C. Williams High School Class of 1973 will hold its 50th reunion July 21-23, 2023 in Alexandria. All graduates and their adult nears and dears are welcome. Events include a Friday evening icebreaker, Saturday dinner dance, and a Sunday brunch. For more information: tcwilliams73.com, 770.789.3534.
Spring Fling at Rising Sol Yoga School
Join us for a day of FREE hot yoga. Experience our class styles and meet our teachers. Buy a bite at the Bake Sale to benefit The Carpenter’s Shelter, peruse some special vendors, take advantage of in-person only discounts on
