The National, a large hotel and apartment development planned in downtown Gainesville, was celebrated Monday as local officials and developers gathered to see progress already made at the site.
Construction has started on the $75 million project, which is expected to be finished in spring 2023.
A crane was installed at the construction site at 111 Green St. several weeks ago and is expected to be there long term to help move materials.
The development from Capstone Property Group, LLC will feature a 130-room Courtyard Marriott hotel with a fitness center, board room, outdoor seating and a bar, said Erik Rowen, president of McKibbon Places, who is partnering with Capstone to build the Marriott. The hotel will be 77,000 square feet and provide about 45 jobs, Rowen said.
“This Courtyard by Marriott is truly a unique and custom hotel, not a cookie cutter stamped out prototype,” Rowen said. “The exterior of the hotel is a contemporary and fresh design which incorporates glass, stone and metal… while subtly giving a nod to the art-deco building which previously existed on the property.”
Along with the hotel, Capstone is building a 157-unit apartment complex with one- and two-bedroom apartments. Construction will start on the apartment tower in a couple months, said Capstone president Jonathan Collins, but both aspects of the project are expected to finish about the same time in 2023. Apartments are expected to cost roughly $1,800 to $2,200 per month, Collins said, and target demographics include empty nesters and young professionals.
The site was home to First National Bank in 1964, which later became Regions Bank before it was demolished in June to make way for The National. And in 1910, the site was home to First Baptist Church of Gainesville, which relocated to its current location on Green Street after being destroyed by a fire in 1960.
The National will reuse much of the material from the old bank building for the new project, said Capstone chairman Jeff Payne. They will recycle nearly 24.5 million pounds of concrete, 1.2 million pounds of steel, about 1,400 pounds of copper and 1,141 pounds of aluminum.
Collins said this was the first time Capstone had recycled this much construction material for a project.
The project is set to receive nearly $11 million in tax rebates from the city of Gainesville over the next 15 years. Gainesville City Council approved the tax incentives in September.
“It’s going to be a beautiful project,” said Mayor Danny Dunagan.