Topic:
Hamilton Hotel Building Stabilization Funding ~ Jill Thompson, Director of Community & Economic Development
Mayor and City Council Action Required:
Discussion:
Staff will attend the July 20, 2021 Work Session of the Mayor and City Council to provide an update on the Hamilton Hotel Building at 86-98 W. Washington Street and to discuss a potential financial incentive to Ash Azadi of Ares Investment Group, LLC for the stabilization of the building.
The Hamilton Hotel renovation project involves the creation of 7 commercial units and 37 residential units. The building is 55,000 sf and the project was originally estimated at $2.5mil. As a result of the partial building collapse, the cost of the project may be more than $3.5 mil, and possibly in the range of $4 mil - $5 mil.
The cost estimate for stabilization work that would bring the building to a stage of re-occupancy and would reopen the road is $716,106. Attached is the cost estimate for the building stabilization.
Staff will review the project in more detail at the Work Session.
Financial Impact:
Recommendation:
Motion:
Action Dates: