Greenville New Markets Opportunity II (GNMO II), a Community Development Entity managed by taxadvantagegroup and Greenville Local Development Corporation in Greenville, has deployed a $10 million New Markets Tax Credit (NMTC) allocation to OTO Development for the construction of a 114-room AC Hotel by Marriott in downtown Spartanburg.
Since its inception, GNMO II has been awarded $73 million in allocation of NMTC’s. GNMO II’s mission is to serve and provide investment capital for operating businesses and real estate development projects in low-income communities across South Carolina.
“This project is a wonderful example of the benefits New Markets Tax Credits can have on a local economy,” said Tammy Propst, president, taxadvantagegroup, which administers the GNMO II fund. “We are indebted to U.S. Senators Tim Scott and Lindsey Graham and U.S. Congressman Trey Gowdy for helping to secure the GNMO II allocation, and to our local partners for their support of targeting these funds for thousands of deserving citizens in Spartanburg County.”
The new AC Hotel is expected to bring 130 permanent jobs paying a wage significantly higher than the area’s per capita income of $3.32 per hour, according to a press release. To encourage accessibility of jobs to local residents and to cultivate a highly-skilled workforce, OTO Development will establish an apprenticeship program with Apprenticeship Carolina and Spartanburg Community College.
Construction on the full-service hotel has already begun and will include a signature AC Kitchen restaurant, fitness center, business center, approximately 2,500 sq. ft. of meeting space, and typical back-of-house services and facilities. It is expected to be the first AC Hotel to open in South Carolina with an anticipated opening date in mid-2017.