Delray Beach, FL, May 31, 2012 --(PR.com
)-- The Delray Beach Community Redevelopment Agency (CRA) approved an incentive for up to $332,348.60 under the Development Infrastructure Assistance Program for new hotel proposed for the 900-block of W. Atlantic Avenue, east of Interstate-95. Prime Investors & Developers will receive a partial reimbursement for certain infrastructure costs associated with the construction of the project, paid out over a five-year period.
Specific to this incentive agreement is a local hiring program voluntarily proposed by the developer in response to public requests to define the project’s impact on local jobs. Prime has committed to make good faith efforts to procure at least 10 bids from local contractors during the construction phase of the project, and to hire at least 20% of the initial permanent hotel staff positions from within the local community.
The Hollywood, Fla.-based developer responded to a request for proposals to develop several acres of CRA-owned property along the West Atlantic Avenue corridor, issued by the CRA in December 2010. The proposal includes the construction of a four-story hotel and a 135-space rear parking lot between SW 9th and 10th Avenues. The hotel, which would face West Atlantic Avenue, will be a moderately priced chain, such as a Fairfield Inn or Hampton Inn, with approximately 120 rooms, a limited service café, swimming pool and fitness center for guests, and meeting rooms.
The CRA previously approved a $1.5 million construction loan and a long-term land lease for the project. The project has started to move through the city approval process, beginning with a request to rezone a small portion project site from RM (Medium Density Residential) to CBD (Central Business District) to accommodate additional parking.
For more information, please call the CRA office at (561) 276-8640 or visit the CRA website at www.delraycra.org.