Macomb, IL – A developer says the future of the Lamoine Hotel project in Macomb hinges on the future of the city's TIF district.
Jason Welch of Emerson-Hurst LLC says the project needs economic incentives in order to move forward. He says without them, the project is not economically viable.
Welch says the incentives would help offset construction costs, which he says are high in Macomb for a couple of reasons. One is that much of the available labor is unionized. The second is that there are fewer contractors to help bid down the costs.
Welch says renovations to the building could begin within 90-to-120 days of the TIF district being renewed. He's hoping the renewal comes sooner rather than later.
Extra information:
*Welch is originally from Macomb. Emerson-Hurst LLC is located in the Chicago area.
*The renovation plan was unveiled in December 2005. It calls for converting the upper floors of the former Lamoine Hotel into condos. The ground floor of the building would include commercial space. The east side of the building would include a courtyard and parking for residents.
*Welch says 75% of the residential space is spoken for. He says demand for the commercial space is also strong.