Vinton is making way for a hotel downtown, giving up about two acres and leaving available some of First Street for development.
The McDevitt Company, based in New England, is entering a sales agreement to receive six downtown Vinton parcels on Cedar Avenue and South Pollard Street for $10. The company plans to invest $12 million for the construction of a 90- to 120-room hotel, said Town Manager Pete Peters during a town council meeting Tuesday night.
The council voted unanimously to enter into that sales and performance agreement, effectively agreeing to convey the land, under the restriction that a hotel will go up.
“A number of things determined there was a market here in the community for a hotel,” Peters said, referencing a 2016 study. Compared to surrounding areas, “we had a very favorable leisure and recreation environment.”
First Street could become a block shorter at the Wells Fargo downtown, as Vinton abandons a stretch of the road and enters into a performance agreement with McDevitt Co. to ensure the hotel’s development. The town acquired those six parcels throughout 2019, razing four old and overgrown buildings on the premises, according to town documents.
“It took us a couple years to acquire those parcels,” Peters said, adding it was a 6-year effort. “Wells Fargo actually donated their parcel.”
In total, Vinton invested less than $500,000 on land acquisition and demolition, Peters said in an email. A limited-service hotel — like a Hilton, Marriott or Wyndham — of that size could generate almost $500,000 annually in new tax revenue, town documents said.
“The direct revenue is great,” Peters said. “But it will capture a lot of visitor spending that typically leaks out of the community.”
The hotel will bookend Vinton’s efforts to revitalize and reshape the southern entrance to its downtown business district, Peters said. It will be the first multi-story hotel in Vinton, and plans should soon solidify.
“Up to this point, we’ve done a lot of analyzing from 10,000 feet,” Peters said. “Now we’re really going to start putting pen to paper doing actual site planning.”