MARTINSVILLE, VA – Martinsville City Council and the Martinsville Land Bank Authority passed a resolution during their Tuesday meeting to support plans for an 80-unit Holiday Inn Express to be built at the former National Guard Armory.
The property, located at 315 Commonwealth Boulevard West, was deeded to the city last October after being declared surplus by the state.
Since then, several inquiries have been made regarding its potential use, officials said.
In April of this year, a request for proposals was issued to seek development options.
City staff recommended that council proceeds with a proposal from Kayak Hotels, LLC for the development of approximately 3.5 acres of the property.
Kayak Group CEO Kalpak Shah presented plans for the hotel project, estimating a $10 million to $12 million investment from the company.
Once completed, the hotel is projected to generate over $220,000 in annual tax revenue, based on a 65% occupancy rate, according to a press release from the city.
Council convened as the Martinsville Land Bank Authority, passing a resolution in support of the project, before reconvening as the council to pass a similar resolution.
This action will allow the developer to proceed with the due diligence aspect of the project.