December 2, 2022

Just Moments

Travel Groove

Rivermont Hospitality ends plans for Elk Grove technology park hotel after financing woes

(Elk Grove Technology Park, iStock)

(Elk Grove Know-how Park, iStock)

An Elk Grove tech park’s hopes for a resort struck out for the next time in four a long time.

Rivermont Hospitality’s proposed 79-room Hilton Resort Residence2 won’t go forward for the reason that the developer simply cannot get funding, the Day-to-day Herald described, citing the firm’s Hiten Patel. The Chattanooga enterprise acquired the 1.7-acre web page in 2021 following a former undertaking in between Shapra Team II and equity companion EquityRoots, scrapped its plans as money dried up for the duration of the pandemic.

Elk Grove, a suburb northwest of Chicago, has been trying to attract a hotel to the site,on Higgins Street at the entrance to the 85-acre tech park, since Brennan Investment broke floor in 2018. The lodge would largely provide vacationers coming to the park for enterprise.

The next failure has area officials scratching their heads. “We’re not confident what helps make perception there, due to the fact accommodations are not doing so effectively today,” stated Mayor Craig Johnson.

The city had pitched incentives including refunding section of regional lodge taxes back to the developer and a lot more than $1 million in tax increment financing.

The lodge would have also gained a property tax abatement from Cook County, which means the developer would have compensated only a part of the assets taxes for far more than 12 years.

To get those breaks, the developer would have to invest at the very least $8 million of its individual revenue on design. The preliminary progress amongst the town and Rivermont known as for building to start off last thirty day period.

[Daily Herald] — Miranda Davis