GREEN BAY, WI (WTAQ) - A Michigan real estate developer has doubled their proposal to between $30 and $40 million in their bid to redevelop the Clarion Hotel site along downtown Green Bay’s riverfront.
Edgewater Resources has submitted a letter of intent to bid on the project that would involve tearing down the hotel and building a 16-story building.
The project includes 200 hotel rooms, with the top four floors housing 28 condominiums.
The proposal also has other amenities including an event lawn, pavilion, rooftop viewing terrace, a restaurant with an outdoor bar and seating, a spa, pool and a marina.
Green Bay Economic Development Director Greg Flisram says the developer will be submitting financial projections, financial pro forma, and other documentation on how they will get the project financed.
The city wants construction to begin by the end of the year, as the hotel would be connected to the expanding KI Convention Center.
Flisram says Edgewater’s letter indicated that construction would start at the earliest in April of 2014.
The convention center expansion is expected to take a year, and Flisram say the hotel developer would have some catch-up to do, because they need the space available for conventions in 2015.
Edgewater Resources started talking with the city in the midst of the city council being asked to approve a deal for the sale of the Clarion to the current management company for a total of $6.7 million.
That includes a minimum of $4 million for a complete hotel renovation.
After council members got word of Edgewater’s interest, they decided to hold off on a vote until July 30th.