A 400-room Marriott hotel is in the process of getting affirmation in Nashville. The site where the new hotel will be built is worth an estimated $11 million. It currently belongs to the First Baptist church but if planners don’t get the ok for the city, the deal could fall through.
If developer Tony Giarratana doesn’t get help from the city for the hotel he’s looking to build on property under contract with First Baptist Nashville, the church could terminate his option to purchase that site for $11 million.
Inclusion of that clause in the agreement reflects how developers rely on tax-increment financing to justify projects and a return on their investments.
“It begs the question: How many for-profit lodging projects is the city going to finance?” said real estate investor Mark Bloom. “We’ll soon find out.”
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