Wednesday, August 19, 2015

Nanaimo Hilton Hotel Project Seeks Financing

Hilton Hotel Project Seeks Investors

That is the headline on a short story on the News Bulletin online version written by a 'Staff Writer'.

Mr. Brian Henning, a local spokesman for the project is quoted as saying " This is a significantly large project and it takes time to get the financing in place cause you're competing with all the other large projects in North America, really, probably the world".

This is the site on Front Street that was given a 40 metre height variance last September and an 80% increase in floor density to make way for a 330 room hotel on the site which will tower above any of it's waterfront neighbours. The site had been approved for a 25 storey residential condominium before this variance which increased it to 36 storeys.

If the project is successful in securing it's financing and is able to build a hotel to Hilton standards it will pay no taxes to the city for ten years and because of it's location there will be no DDC's payable.

Nanaimo has certainly demonstrated it's eagerness to see this project proceed and only time will tell if the development can gather enough financial support to take it from the planning stage to actual completion.

If this project proceeds and the Millstone Gateway project is also successful in another decade the face of downtown Nanaimo will have changed enormously.

allvoices

2 comments:

  1. Perhaps the Mayor and Mr. Angus can go to China to drum up business?

    Oops forgot, Angus said the project is to begin late this fall. On second thought, forget the trip!

    ReplyDelete
  2. Fast foot ferry ready to go....subject to financing. E&N ready to go....subject to financing. Convention hotel ready(not) subject to financing..etc etc etc.

    ReplyDelete

Your comment will appear after moderation before publishing,

Thank you for your comments.Any comment that could be considered slanderous or includes unacceptable language will be removed.

Thank you for participating and making your opinions known.