Then, the facility was billed at 13 stories – seven designated for the parking garage and the top six to be used for a hotel. But Monday, Jeff Lamont, CEO of Lamont Companies and the lead official behind the Village River Group developing the project, said two additional stories have been added to the plans.
The extra floors, he said, will allow an additional 100 guest rooms for the hotel portion of the facility, bringing the total inventory of hotel rooms in the facility to 220. He also said Village on the River will house two separate hotel brands, which will be announced at a future date.
“This dual branded hotel will feature around 220 guest rooms and will be a great addition to the downtown area,” LaMonte said.
Of the $50 million estimated project cost, $30 million will privately funded. The remaining $20 million will be covered by city parking revenues and a $16.5 million, to be paid back at 3.51 percent interest.
In all, Village on the River will include more than 500 public parking spaces, 220 hotel rooms, event center meeting space and commercial space for restaurants and retail.
The project is expected to be completed by fall 2020.