Wilmingtonbiz logo
Print
Hospitality

Convention Center Hotel Moves Ahead With Alternative Financing

By J. Elias O'Neal, posted Jul 1, 2013

A long awaited hotel for the convention center is headed to Wilmington’s Development Service’s technical review committee, according to an official overseeing the project.

Brooks Johnson, director of development of Harmony Hospitality Inc., said Monday that project engineers and architects submitted plans last week for the $33 million, 186-room hotel proposed for 6 Convention Center Drive next to the Wilmington Convention Center.

Johnson said the city’s technical review committee would review the hotel project at its July 18 meeting, examining the developers’ plans for details such as parking, landscaping and buffers.

In May, city council members approved a 90-day extension through July 31 to give the Virginia Beach, Va.- based firm more time to finance the project using EB-5 money. EB-5 is a program where for a minimum of $500,000 invested, individual investors are fast-tracked green cards to move their families to the country.

It was the third extension given to Harmony Hospitality since the city first entered into a hotel development agreement in February 2012.

Johnson said the firm has not had its application to solicit EB-5 monies overseas approved by U.S. Citizenship and Immigration Services. But Johnson said the firm was moving forward with alternative financing options to get the project going.

 “We’re immediately looking into bridge financing until long-term financing is secured,” Johnson said of the project, adding that his firm was still assessing the total amount needed to begin construction on the project. “We are going forward, we are spending money; it’s just unfortunate the government takes so long, but there’s is nothing you can do about.”  

He said the firm would still seek federal approval for EB-5 financing for the project.

Malissa Talbert, city spokeswoman, said since the project does not require a rezoning and adheres to the specifications of the memorandum of understanding between the developer and city, which includes 6,167 square feet of meeting space and a full-service restaurant and bar, the city council does not have to approve the project’s development plan.

Johnson said he hoped to break ground on the eight-story hotel this fall.  

“We have given the architects and site engineers and consultants approval to continue with the design and drawings, so when we are ready to move we will have everything in order,” he said. “We remain very excited about Wilmington and opening a new hotel there. We think it’s a great city.”

The Wilmington division of Becker Morgan is designing the project. Wilmington-based Woods Engineering has been tapped as the structural engineer, and Wilmington-based W.K Dickson will complete the civil and landscaping engineering for the eight-story hotel.   

Join The Discussion

Similar Stories

Ico insights

INSIGHTS

SPONSORS' CONTENT
Nealjohnson 12191614553

How To Save For A Down Payment While Renting

Neal Johnson - Network Real Estate
Geofflosee300x300 10221511305

Thank A Merchant Mariner

Geoffrey Losee - Rountree Losee LLP
Davidmcgowanapi300x300

2017: Energy in the Spotlight

David McGowan, III - N.C. Petroleum Council; American Petroleum Institute-NC

Book On Business

Bob2017

The 2017 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!
Print Only
$24.95 - Qty
Print + Excel File
$79.95 - Qty

In The Current Issue

Tidewater Brings Investments Dollars To Area

There’s a new kid on Wilmington’s venture capital block. Tidewater Equity Partners opened its headquarters here earlier this month after launching last September in Raleigh.

Merger To Boost South State Bank

South State Bank will expand its local presence later this year when an announced merger with Park Sterling Bank becomes final. The transact...

Wilmington Health CEO Talks Pharma

Pharmaceutical manufacturer Pfizer recently asked Wilmington Health CEO Jeff James to participate with other health care industry representa...

Ico topnews Editor's Picks

PlayerSpace Named Coastal Entrepreneur Of The Year

Christina Haley O'Neal - About 21 hours ago Trending News

Far From France, Duck Donuts Welcoming Customers This Week

Jessica Maurer - About 23 hours ago Trending News

Downtown Bookstore Owner Retiring, Hopes Story Continues

Cece Nunn - May 23, 2017 Trending News

Global Nuclear Fuel's New Product Completes Regulatory Process

Christina Haley O'Neal - May 23, 2017
Decorations

All Star Flags

All Star Flags is a family owned business with experience in the flag industry dating back more than 30 years.

Ico trending Trending News

Ico newsinimages News in Pictures

Have a tip, pitch or guest column?  Send us a tip.

Gallery Galleries

Video Videos

Wilmington's Most Intriguing People of 2016
WilmingtonBiz Expo - Key Note Lunch with Keynote Lunch with Chip Mahan - 2016

Register to Continue Seeing Wilmington's Best Business Coverage!


There are three ways to register for free.

Sign in with LinkedIn, Facebook or create an account:



Already registered? Login here.

Your free registration includes:

  • Access to 10 articles per month on WilmingtonBiz.com
  • Email updates to stay informed on local business news
  • A mobile optimized website
  • Advanced notification of Business Journal events
  • Management of your digital and print subscriptions
Laptop iphone ipad