By Brandi Makuski
City plan commissioners on Tuesday are expected to approve a building permit for a new downtown hotel.
Cobblestone Hotel Development LLC, based in Neenah, has proposed a 60-unit hotel for development on what is currently parking lot space between Shopko and Mid-State Technical College. City leaders approved an agreement with the hotel owners in March, allowing an option to purchase through Aug. 30 while owners organized a site plan and conducted market studies.
In the developer’s agreement, the city agreed to sell the land located at 1117 Centerpoint Dr., valued at $150,000, for $1. Once the four-story building is constructed, the city will provide an upfront payment of $850,000 as an incentive for bringing a hotel to the struggling downtown TIF district.
In exchange, the hotel, which is estimated to be valued at $2.5 million, would provide the city a minimum annual tax payment of $102, 500 for the next 11 years.
Cobblestone also has budget hotels in Clintonville, Neenah and Oshkosh.
The Stevens Point Plan Commission meets Tuesday, July 5 at 6 PM in the Lincoln Center, 1519 Water Street. The public is welcome to attend.