HCW, the development company on a Downtown convention hotel project in Evansville, Ind., was given an extension of Monday’s deadline to close on the project’s private financing.
City Attorney Ted Ziemer Jr. told the Redevelopment Commission that the Branson, Mo., company received final, official approval Monday of a Hilton DoubleTree franchise. That approval was delayed several weeks because of a challenge filed with the Hilton company by existing Hilton hotel operators in Evansville.
Having a franchise agreement in place is necessary to close on the financing, according to city officials.
Another reason for the closing’s delay, Ziemer said, is because HCW is having to rebid some parts of the hotel project due to some initial bids coming in above budget.
A new closing date has not been set. The Redevelopment Commission’s next meeting is July 22, and city officials said they hope to have an update at that time.
City officials conducted a groundbreaking March 10, but there has been no activity at the hotel site since. Construction is expected to take roughly 18 months.
The $71.3 million project is to include a hotel, an apartment tower, parking, sky bridges and streetscape improvements. Evansville is funding $20 million of the cost. HCW and Old National Bank of Evansville are covering the rest.