City Council Reviewing Demise of Hotel Proposal
The recent collapse of a plan to construct an over 200 room hotel near St. Mary's Hospital in Rochester has led to finger-pointing and some soul-searching.
Brutgers Equities spent months working with city officials and neighborhood groups before pulling the plug on the over $60 million plan last month. The company indicated delays and other factors added to the price tag, which had grown to the point it was no longer financially feasible.
The demise of the project occurred despite an offer by the city of Rochester to double the amount of Tax Increment Financing assistance. The developer was also seeking assistance from the Destination Medical Center initiative, but members of the DMCC Board earlier delayed considering the request after members indicated they wanted more information about the proposal and the overall plans for the St. Mary's hospital area.
City Council President Randy Staver says the Council and staff will review what happened to cause the project to derail and if any changes can be made to help prevent a similar occurrence in the future (watch the YouTube video at the top of the post to hear Staver's comments).
The City Council President is a regular guest on Rochester's Good Morning with Rich Peterson and Kim David on KROC-AM.