Project Type(s): Hotel
Project Year: 2016
CDE(s): The Innovate Fund
NMTC amount: $10,000,000
Total Project Costs: $46,083,422
Spartanburg, SC has historically been known as “Hub City” due to its prevalence of railways. The county is also located at the crossroads of heavily traveled Interstates 85 and 26, which has brought suburban growth to the region. But downtown Spartanburg — located miles from the interstates — has struggled to thrive over the years.
In early 2016, locally based OTO Development closed financing on the construction of a $46.2 million, 114-room full service AC Hotel in downtown Spartanburg, SC. A brand of Marriott, this AC Hotel property will feature a signature AC Kitchen restaurant, fitness center, business center, approximately 2,500 square feet of meeting space, and typical back-of-the-house facilities.
Community Impact: GNMO II’s investment will support 130 direct quality jobs, with permanent jobs paying a wage 261% higher than the LIC’s per capita income of $3.32 per hour. To encourage accessibility of jobs to LIC residents, OTO Development will establish an apprenticeship program with Apprenticeship Carolina and the local technical college with a goal of 10 enrollees in the program throughout the 7-year NMTC compliance period. The importance of quality job creation in this community cannot be overestimated, with area Median Family Income 14.24% of the national average.