President Hotel’s Renovation Campaign Back On Track

KANSAS CITY, MO— The long-delayed renovation of the President Hotel here is now expected to resume as developer Ron Jury reportedly completed his private financing for the project. Jury was quoted as saying he signed a $12.9-million permanent construction loan with Marshall Investments Corp. (of Minnesota), thereby securing the financing package required for the $45.4-million project. It was pointed out he already had obtained a commitment for a $15-million city-backed loan as well as $17.5 million in federal and state tax credits. Jury reportedly first undertook the conversion of the vacant building at 14th Street and Baltimore Avenue into a 214-room boutique hotel more than two years ago, but was said to have run into problems when his initial private financing deal fell through. Apparently overcoming criticism by development and civic leaders, it was noted he is now poised to take advantage of the new South Loop redevelopment plan. “Im excited the financing is completed,” he said, “but the real work begins now. Im anxious to complete the project, and I hope everybody else in the district gets on board and started as early as possible.” Published articles have Jury maintaining the hotel— slated to operate under the Hilton flag— is expected to open in September 2005. It was noted adherence to that schedule would have the hotel opening about six – nine months before the completion of the other major components of the seven-block South Loop redevelopment plan. Jury was cited as attesting J.E. Dunn Construction would continue to be his contractor. Dunn was identified as one of several companies continuing to work with Jury during the delay, during which time San Antonio, TX-based hotel developer Presidian Partners purportedly became a partner in the venture. The President Hotel has been described as a downtown landmark since it opened in 1926. However, it was similarly pointed out the building has stood empty since 1980. Going forward, it was contended the east side of the hotel is to be reconfigured to create a second entrance facing the new Kansas City Live entertainment district. SOURCE: The Kansas City Star