City officials say a new developer for a proposed $26 million hotel and conference center in downtown Kokomo could be announced soon. The Kokomo Tribune reports the project continues to move forward despite Fishers-based Dora Hotel Co. LLC pulling out of the project earlier this month.
Plans for the project were first announced in July. The development was slated to include a six-story, 123-room Hilton Garden Inn hotel which would be connected to a 22,000-square-foot conference center.
Officials tell the publication a deal with an unnamed development is imminent, though the investment total could rise as a result.
"It changed our timetable, and we thought and still think highly of Tim Dora as a developer, so I was disappointed. But it’s really not that uncommon on this type of development to have that type of a change,” said Charlie Sparks, chief executive officer of the Greater Kokomo Economic Development Alliance. "It would have been a tremendously large roadblock if we had not been able to find another development group to step in. The private investment is a key part of this deal. But we have identified another developer that we’re currently in discussions with."
Sparks said he hopes an official announcement of the new developer or updated plans could come in the next few weeks. He declined to give a reason for Dora stepping away from the project.
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