The Ocala City Council will review a nearly $3 million incentive package for the revitalization of the Hotel Marion property in downtown Ocala, including the waiver of building permits and impact fees, the donation of a $1.25 million parking lot, and the payment of a $650,000 grant over five years.
During its regular meeting on Tuesday, the Ocala City Council will review a redevelopment agreement between the city and Marion Opportunity Zone Investment I, LLC, for the rehabilitation and redevelopment of the historic Hotel Marion.
In support of the incentives package, the city says the new site will preserve a significant landmark while also activating “a prominent historic downtown building,” transforming its use to a full-service boutique hotel. The change is expected to increase “pedestrian activity, day/night vibrancy, and the presence in the surrounding area.”
Additionally, the city says the new hotel will expand downtown’s “hospitality offerings” and will encourage more extended visitor stays and increased spending at “nearby restaurants, shops, and entertainment venues.”
“This project aligns with the goals and objectives of the Downtown CRA Plan by addressing conditions of slum and blight through the redevelopment of an underutilized property,” reads the city’s memo.
