WILLIAMSBURG — The City of Williamsburg Economic Development Authority voted unanimously to award a revenue-sharing incentive to a boutique motel on Capitol Landing Road at its meeting Oct. 11.
According to the city, “a recent city-commissioned hotel feasibility study found that Williamsburg has the current and future demand to support the development of new hotel product, which guided staff’s recruitment efforts.”
The Rochambeau, located at 929 Capitol Landing Road, will be a fully renovated, 22-room boutique motel, the city said, adding the awarded incentive grants a percentage of the taxes that The Rochambeau will pay to the city over a five-year period, making it a performance-based revenue sharing agreement.
The revenue-sharing incentive for The Rochambeau is capped at $99,000 and will be used for exterior improvements to modernize the building, it added.
According to the city, owner Lyle Schiavone is a developer with extensive experience in multi-family apartment communities across Virginia, Maryland, and Washington, D.C.
“Having grown up in Williamsburg, I have been eagerly looking for a project that could really have an impact,” he said. “Williamsburg’s support and excitement for this redevelopment project is critical for us to carry out our vision of a revamped hospitality concept. We very much look forward to growing our partnership with the city and local stakeholders.”
The EDA will award the incentive to The Rochambeau over time, after the business pays its local sales and room taxes, according to the city. The local sales and rooms tax return on investment to the city for the first five years of the business’ operations is estimated at more than $200,000.
“The City of Williamsburg’s revenue sharing program for businesses has successfully drawn in new business and helped existing businesses expand, providing new revenue to the City as those businesses grow,” EDA Chair Adria Vanhoozier said. “The City retains a portion of taxes that would not have been collected without the new business opening in our community.”
