95 room, all-suite Marriot Hotel to be constructed
in downtown Iron Mountain
(Wednesday - October 06, 2021) - Marquette-based real estate developer,
Veridea Group, announced a new hotel development partnership with Iron
Mountain businessman, David Brule, Jr.
IMT Lodging will construct a new TownPlace Suites by Marriott in downtown Iron Mountain, beginning in spring of 2022. The 95-room, all-suite hotel will be constructed at 200 S. Stephenson Avenue, the former site of a motor lodge in the heart of the City’s downtown. The extended-stay hotel will serve both leisure and business travelers and will include a small conference room. The $16 million project is expected to produce 100 construction jobs and 30 permanent jobs.
Veridea Group CEO, Robert Mahaney, said the time is right for development in the Iron Mountain area. “We’re delighted to have this opportunity to invest in the Iron Mountain community, and especially in downtown Iron Mountain,” Mahaney said. “We believe that the area is poised for growth and this new hotel will help spur that growth.”
Mahaney added that support from the City has played a key role in getting the project off the ground. The Iron Mountain City Commission is considering an application from IMT Lodging to temporarily abate property taxes – except school and State education taxes – under the Commercial Rehabilitation Exemption Certificate, a program designed to incentivize growth in local downtowns. Following the abatement period, the property is expected to show a taxable value of at least $3 million.
“I want to thank the City of Iron Mountain for their support of our project,” Mahaney said. “It has made a huge difference in our ability to launch construction during these challenging times for the hospitality industry.”
(News release issued by Veridea Group Director of Real Estate Development, Michele Darner Thomas)
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