After two start-and-stop years of planning, Taylor will get a new hotel.
“It’s been a long process but we’re very excited we can make this announcement,” said Nimesh Patel with SAYDA, Inc. late Tuesday afternoon.
His announcement was that his company will build a Holiday Inn Express and Suites, with at least 65 rooms, on a site just west of the H-E-B shopping complex on Carlos Parker Loop NW.
“Our plan is to break ground within three months,” he said. “It’s a pretty tight timeline but we should be ready to go by the first of May.”
He said construction should take 10-12 months with the new complex to open June 2018.
“We’ve been working on this for a couple of years now. We’ve always believed that Taylor is a strong market and ready for a more upscale option. It really is a great fit.”
Patel said he really likes the site of the $6 million project. He said the proximity to the Williamson County Expo Center, the Regional Sports Complex and to restaurants makes it an ideal location.
“We feel we can service the most number of guests from that facility in that location.”
The project will benefit from a suite of city and Taylor Economic Development Corp. incentives that include a 10-year property and occupancy tax rebate schedule, some cash incentives and help putting appropriate utilities at the site.
In total, the city is expected to invest $1.1 million in tax reimbursements, fee waivers and cash incentives.
To maintain the incentive program, SAYDA, Inc. must assure certain minimum property values for the life of the agreement. Those minimum values increase after the first five years of the agreement.
The original agreement was negotiated in 2015, then re-negotiated Nov. 2016.
Patel said the hotel will include an outdoor entertainment area includes a swimming pool and that the property is large enough to accommodate future development.
“The biggest thing is for us to thank the city and the city council,” he said. “They have been exceptional in terms of giving us support. This project was really made possible with the city’s support.”
Taylor City Manager Isaac Turner noted the project is “just another step in the progress we are working to make in Taylor.”
Note: This story has been updated to include an estimate of how much the incentive package will cost.
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