Two unused buildings in Aksarben Village are expected to be torn down and replaced with a new five story, 110-room hotel.

It's part of a $15 million dollar project. Tuesday the city council approved the TIF funding of more than $2 million.

Local business owners like the idea of a hotel being added to the area.

"We are really excited for the development that is going to happen here to the rest of us with the proposed Aloft Hotel. We have a location in Kansas City and I have stayed there a number of times and I think it is going to be a great addition to Omaha,” said Jeff Neary.

Tony Amato remembers Aksarben before any of the development was here. He likes seeing the continued improvements.

"All these business moving in really boosted the economy to the point where I think Aksarben is the new and upcoming area of Omaha,” said Amato.

Construction for the hotel is scheduled to begin in March with the first rooms available for booking in August 2019.