Augusta Economy

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Finances delaying Holiday Inn plans

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Progress on the downtown Holiday Inn Express & Suites has been delayed because of financing issues.

"We are still trying to finalize financing," said local engineer and businessman T.R. Reddy, the owner and developer of the project.

Reddy acquired the property at 444 Broad St. -- formerly home to the Regency Inn -- in 2009. The Regency Inn was constructed in 1965, making it eligible for certified historic structure status, according to Erick Montgomery, the executive director of Historic Augusta.

In March 2010, Reddy said he planned to spend $5 million or more on the project, gutting the existing structure to the steel framing.

"It's a total revamping," he said then. "I'm very confident that it will do well, and it will clean up the area."

Reddy said Monday he still is confident that the project will be a success, but has been delayed by other construction projects that have also run behind schedule.

"Financing has been the challenge," he said.

He expects to break ground in October or November , and pre-construction plans are 90 percent complete.

The hotel will be a "green" building and will meet Leadership in Energy and Environmental Design certification, using geothermal air conditioning and solar systems to reduce water-heating and other power expenses.

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Riverman1
79299
Points
Riverman1 05/24/11 - 12:27 pm
0
0
So we are throwing $100

So we are throwing $100 million at downtown Augusta, much of it coming from the hotel room tax and most hotels are out in the county, yet things are not looking so good. When do we wake up and realize Augusta is now out Washington Rd.

Chillen
17
Points
Chillen 05/24/11 - 01:20 pm
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0
Financing is the challenge

Financing is the challenge for ALL commercial construction projects. Banks took the TARP money and they are just sitting on it.

Great government program right there......

Asitisinaug
3
Points
Asitisinaug 05/25/11 - 04:26 am
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At least a private

At least a private businessman is trying to help make Augusta and the downtown area better.

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