DOWNTOWN ROANOKE, VA -
Now just a parking garage, the City Market garage is the official future site for the Hampton Inn and Suites in downtown Roanoke.
It's an addition to the star city that has business owners like Matt Bullington owner of the Texas Tavern excited.
"I am thrilled about this. This is the biggest thing to happen in Roanoke in years."
With 127 rooms Lee Wilhelm with the Roanoke Convention and Visitors Bureau estimates that will bring more than 200 visitors to Roanoke a day. He says on average, visitors spend a minimum of seventy five dollars a day when they're in Roanoke.
"That means that Roanoke will pull 18 thousand in new visitor dollars everyday. That's more than six million a year," Wilhelm said.
The city is receiving 800,000 for improvements to the unfinished condo space. In turn they are paying the company back 700 thousand dollars for site development and offering the purchaser fifty percent of all real estate tax and lodging taxes the hotel earns for up to six years --- or one point five million dollars.
Its estimated that in the first five years --Roanoke City will net $1.3 million. In 10 years they'll bring in $3.7 million.
The city says they not only avoided investing more money into renovating it - they are setting the city up to gain millions in revenue all while stimulating downtown business.