STAFF WRITER JARED FIELDS
Recent site development permits indicate two large developments could soon be underway in Marble Falls.
The permits are for Fairfield Inn & Suites and 99 Main LLC.
A developer can obtain a site development permit prior to a building permit to allow them to move dirt and do some clearing work while building details are under review.
Fairfield Inn & Suites has been in the process of developing 801 La Ventana into a hotel since 2017.
A previous site development permit was set to expire.
“So their renewal should be taken as a good sign,” said Marble Falls Economic Development Corp. Executive Director Christian Fletcher.
According to previous records, the proposed Fairfield Inn & Suites will be a four-story, 87-room hotel.
The new permit did not provide further details on planned construction dates.
The Lofts at 99 Main permit says “grading” work will be done on the nearly 2-acre tract. The Lofts at 99 Main opened a sales office last fall.
The condominiums will include 80 residences in the five-story building with retail space on street level.
Both developments are expected to boost the city’s economy once opened.
Fletcher said the hotel could generate at least $175,000 annually in hotel occupancy tax revenue and about $160,000 in property tax revenue to all taxing entities.
The Lofts at 99 Main is projected to generate about $50,000 per year for the city’s Tax Increment Reinvestment Zone and about $200,000 per year in property tax revenue for all taxing entities.