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Lake Wales CRA outlines road map for Wales Built hotel redevelopment and eyes medical provider for downtown 610 building
Summary
The CRA chair and executive director described a multi‑phase process to solicit and evaluate developers for the Wales Built hotel and said staff will pursue a potential incentive package to attract a national medical provider to the downtown 610 building; commissioners encouraged careful, legally compliant incentives.
Chair Robin Gibson and CRA staff told the board the agency has begun outreach to potential developers for the Wales Built (a 10‑story poured concrete building on the National Register) and described a multi‑phase roadmap intended to produce a developer agreement by year‑end.
The chair said staff has already fielded eight firm inquiries from hotel developers, and described four phases: notification to interested parties; an initial cut to those with capacity to complete the work; negotiated discussions to develop creative, mutually beneficial proposals; and, finally, contracting followed by milestone enforcement.
The CRA executive director also asked the board for informal direction to pursue an incentive proposal with 610 Corporation (owner of the former Peterson & Myers/Bank of America building) to attract a national medical provider to a largely vacant downtown building. Staff said a rehabilitation incentive from the CRA could tip the scales for a medical provider to locate in downtown Lake Wales rather than near AdventHealth Hospital.
Board members stressed the need for legally compliant, carefully documented incentive packages and noted the CRA’s fiduciary duty to spend tax‑increment funds for beneficiaries within the CRA. The chair said the CRA has $29 million in funds available and emphasized the need for methodical steps, published milestones and careful oversight. Commissioners encouraged staff to proceed and to return with a negotiated agreement for board consideration at a future meeting.
