Construction at the corner of
"We are closing on (
Schmitz said once they close on the loan they will be able to begin paying outstanding bills. They also await delivery of materials to complete the fourth and last floor of the planned 105-room hotel with conference facilities, a health spa, pool, restaurant, a rooftop lounge and 79 underground parking spaces.
The short interruption in construction should not cause any further problems for the project and its planned opening in spring 2015, Schmitz said.
"The kinks are all out now," Schmitz said. "Once we close we are home free."
The delay is not the first one caused by financing woes. The project also went on hiatus in spring 2011 because Schmitz couldn't find financing. Developers found a funding source that summer, but new problems erupted.
Some city officials wanted to run a tunnel under
Then came word that development site ground water contained high levels of cyanide and other contaminants from an unknown, upstream source. That blow added almost
Construction began in spring 2013 and the site itself is not clean of contamination, county brownfield authority officials said. But barriers and other cleanup activities are designed to reduce contaminant levels and prevent human exposure.
Derenzy said she is not worried about the project's viability, despite its rocky history.
"I'm not concerned, not at all," Derenzy said. "There is a lot of personal financing involved in this and they are not going to walk away."
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