Courtyard by Marriott Coatesville
NEW HOTEL FOR COATESVILLE
Construction started in December 2010 on a new 125-room Marriott Courtyard Hotel to open in early 2012 at the corner of the US 30 bypass and PA Route 82 in Coatesville. It is being developed by Oliver Tyrone Pulver Corporation, which is also developing the 1,700,000 SF Tower Bridge office and hotel project in Conshohocken. It will be followed by an 80,000 SF, four-story office building, a freestanding restaurant and multiple buildings thereafter.
The project has important elements of success. The Philadelphia region has the ninth largest GDP of all the regions in the world at $388 billion in 2009. Chester County is the fastest growing county in the state and has the 21st highest income among the 3,100 counties in the U.S. The natural growth corridor out of Philadelphia is to the west, thru Coatesville, including the US 30 bypass, in between the Pennsylvania Turnpike and US 202.
The Coatesville hotel is the culmination of a five-year public private effort. The Commonwealth of Pennsylvania is investing $10.5 million in the $36 million project, including a $5.75 million Redevelopment Assistance Capital Program grant, a $1.25 million grant from the Infrastructure Development Program, and a $3.5 million loan from the Business in Our Sites program. Through Chester County, the U.S. Department of Housing and Urban Development is providing a $1 million Brownfields Economic Development Initiative grant and a $4.0 million 108 Loan. Tax increment financing in the amount of $2.4 million was obtained from Coatesville School District, Chester County, and the City of Coatesville. Private financing is being provided by Firstrust Bank and Oliver Tyrone Pulver Corporation.
It is expected that a Marriott Courtyard branded hotel will provide a spark to induce substantial other commercial and residential growth in the immediate area, much like the two Marriott branded hotels did at Tower Bridge in Conshohocken.