Branson developer HCW LLC halted construction plans for a $78 million convention center in Evansville, Ind., citing financing issues.
HCW CEO Rick Huffman indicated Evansville-based lender Old National Bank was able to commit $10 million to the project, leaving an $8 million shortfall, according to a news release.
“We were extremely disappointed to learn that Old National Bank could not participate to the level that was necessary to bring the project to fruition,” Huffman said in the release. “Our funding was 100 percent in place, the franchise agreement was signed, the contractor contracts were negotiated and the state approved the building plans on Dec. 16.”
HCW, known for developing the Branson Landing, now will seek to shore up the $8 million shortfall through the city’s council in the form of tax increment financing bonds.
Dubbed the Downtown Evansville DoubleTree Hotel and Convention Center, the 244-room project calls for a 10th floor roof top bar, fitness center, 123-room residential complex, parking garage, streetscape improvements, sky bridges and a connector building, according to the release.
HCW secured the contract in September 2013, when the Evansville City Council unanimously approved HCW as developer. According to
Springfield Business Journal archives, private investors in southwestern Indiana stepped up in the 11th hour to push the project forward.[[In-content Ad]]
