FRESNO, Calif. (KFSN) -- A local company is making a deal to buy the "L"-shaped lot at the corner of M Street and Inyo.
It is next to the Convention Center Exhibit Hall.
The city planned a hotel there a decade ago but the deal fell through. Mayor Lee Brand says the new plan will be a big boost.
"For the city, you are taking a lot that is zero money in tax revenue, you built a 200 room hotel there's a ten, 15, 20-million dollars in property tax, sales tax, room tax, it's a definite benefit to the city," Brand said.
The city originally paid more than three million dollars for the lot. It is selling it for $650,000 and is expected to be a Hilton or Marriot Hotel.
Under the deal, the sale will not be finalized until the builder submits plans and obtains building permits.
The builder has another hotel in North Fresno.
New hotel may be headed for Downtown Fresno
More TOP STORIES News