Willow Street Capital advances hotel project in Melbourne

Willow Street Capital, a development firm with offices in Miami and New York City, won initial approval of its plan to build a 156-room hotel in Melbourne that join the Tapestry Collection by Hilton chain.

According to Miguel Rivera, a co-founder of Willow Street, the firm has letters of intent from a lender and a group of equity investors to fund the development, estimated to cost $33 million.

The Melbourne City Council gave preliminary approval of a zoning ordinance and site plan for the 11-story hotel development. The city council may consider whether to grant final approval as soon as May 8.

The zoning ordinance would permit Willow Street to build a 123-foot hotel in downtown Melbourne, where the limit on building height is 96 feet.

The development site would be a city-owned parking lot at the southeast corner of Waverly Place and Strawbridge Avenue.

Willow Street also would have to negotiate a development agreement with the city, including the terms of its acquisition of the parking lot.

The firm has proposed a hotel with a 170-space parking garage and a rooftop lounge and event space. [Florida Today] – Mike Seemuth