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City says developer will invest about $56 million in AC Hotel redevelopment in downtown Ocala
Summary
Economic development staff told the Downtown Ocala CRA advisory committee that the City Council approved a redevelopment agreement for the AC Hotel at 210 W. Silver Springs Blvd, with an estimated $56,000,000 developer investment and a projected $20,000,000 taxable value; the package includes TIF incentives and 225 reserved parking spaces.
Roberto Ellis, economic development manager, said the City Council on Aug. 19 approved the redevelopment agreement for the AC Hotel at 210 West Silver Springs Boulevard and described the deal as a major downtown investment. "The developer will be investing approximately $56,000,000 in Downtown Ocala," Ellis said, and staff expect the project to produce an estimated taxable value of "approximately $20,000,000."
Ellis outlined the incentive structure, saying about half of the incentives would be delivered as TIF payments when the project is complete and that the developer will have dedicated parking in the new garage: "They'll utilize 225 spaces in the parking garage. Those spaces will be made available to the public on certain occasions when we have large events downtown." Committee members asked for detail about floor allocation; Ellis replied the reserved hotel spaces will be on the sixth floor and part of the fifth, and confirmed the building will be six stories.
Why it matters: the project is positioned as a catalyst for downtown activity and for increasing the CRA's tax increment. City staff said incentives are structured to pay out as value is realized rather than from large upfront cash reserves.
