City seeks developer proposals for Heer’s

Developer Vaughn Prost has until Tuesday to secure financing for his $32 million renovation project. Prost’s development rights with the city will end automatically if the deadline is not met.

The request for qualifications is intended to bring forward other interested developers to discuss the project. The city opened informal talks with developers in June, as the project’s agreement allows, due to Prost’s failure to meet an earlier deadline for financing.

Eight development groups have met with city staff and toured the Heer’s building since then, according Louise Whall, public information director for the city. Prost is eligible to respond to the request if he chooses.

Aug. 17 was the deadline between Prost and Great Southern Bank, which has provided interim financing for the project. Prost has said he has invested about $5 million in the development so far.

A representative from Great Southern could not be reached.[[In-content Ad]]