Lease for Main Street hotel parking set
- November 11, 2015
- / Shannon Nickinson
- / community-dashboard
Rendering for a proposed five-story hotel for the site at 101 E. Main St.
In other business on Nov.12, Pensacola City Council will be asked to formalize a parking lease for the hotel planned at Main and Jefferson streets. A knoxville, Tenn.,-based company is handling the project which will bring a five-story hotel to the site.
The agreement with Siddiq Investments LLC is for 83 spaces in the two paved lots south of Cedar Street between Jefferson and Commendencia streets.
Development in downtown Pensacola is part of a vibrant business core in the city, something that will add job to the labor force and improve the quality of life in the Pensacola area.
Council authorized Mayor Ashton J. Hayward III to enter into the agreement in July, but it was not executed then because Siddiq Investments requested revisions to satisfy their lender, according to the council meeting agenda.
The revisions include:
— The lease beginning on Nov. 15, 2015, rather than July 1, 2015.
The lease is for three years with an option to renew for up to six terms of three years each. The $32,800 annually the lease will generate will be put in the city’s port fund, according to documents.
It also allows the city to retain the option to build a parking garage on any portion of the leased property. If that garage is ever built, the hotel will have its 83 parking spaces allotted in the garage.