SUFFOLK, VA— The Suffolk Industrial Development Authority has approved the construction of a $22 million Hilton Garden Inn and Suffolk Conference Center at Constants Wharf, creating the first place for people to stay and meet in downtown Suffolk, according to the Daily Press in Newport News, VA. The project is the first part of the citys ambitious redevelopment plans through 2018. According to the report, Stormont Hospitality Group LLC plans to make a call on bids for the 150-room Virginia Hilton Garden Inn and 14,000-square-foot Suffolk Conference Center. The hotel and conference center will take 13 months to construct, and it is expected to open spring 2004. Cooper Carry of Atlanta has been selected as the project architect and F.A. Hunter and Associates, also of Atlanta, has been selected as the interior designer. The IDA voted 5-1 Friday, during a specially called meeting, to approve a $22-million financial package, which obligates the city to $13 million backed by general bond revenues. Private developer Stormont Hospitality Group LLC will invest $9 million, said the report. TowneBank of Portsmouth has agreed to finance $6.5 million of Stormonts portion of the project. But in order to get that financing, the IDA is putting up $2 million in collateral, secured by unsold land in two of the citys industrial parks. The Procaccianti Group of Cranston, R.I., will manage the properties. The development sits in the middle of a 10-acre public park, which looks out to a marina and a waterfront restaurant site. SOURCE: Daily Press, Newport News, VA
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