A $104 million project to revitalize Lake Worth’s historic Gulfstream Hotel – silent since 2005 – got the go-ahead last week, The Palm Beach Post is reporting.
The City Commission last week unanimously approved incentives and a beach services agreement worth $12 million, according to a City Commissioner. The existing hotel will be renovated and a 165,000-square-foot annex constructed. In return for the investment that will add hotel rooms, luxury rentals and a parking garage, the developer will get incentives like an electric utility fee write-off.
Estimates are it will draw $7.4 million to the area with guests spending on local businesses.
– Anne Geggis, Florida Politics