Developers secure $10.8 million in state funds for Kalamazoo hotel project COURTESY RENDERINGS

Developers secure $10.8 million in state funds for Kalamazoo hotel project

BY Tuesday, February 26, 2019 06:16pm

KALAMAZOO — A $44 million hotel development in downtown Kalamazoo has secured project funding from the state of Michigan.

The Michigan Strategic Fund board of directors on Tuesday voted to award Kzoo Hotel Partners LLC local and school tax capture totaling more than $3.4 million. The MSF also awarded a performance-based Michigan Community Revitalization Program loan for more than $7.4 million to the development partners.

The project will redevelop Kalamazoo’s historic Rose Street Market building at 303 N. Rose St. and an adjacent surface parking lot into a hotel and commercial space. The “sister” buildings will include a 113-room Hilton Garden Inn, 107-room Home2 Suites extended-stay facility and about 15,000 square feet of office/commercial space spread over 181,925 square feet.

The project is expected to create about 75 full-time jobs, according to MSF documents.

“This project is located in the northwest quadrant of downtown Kalamazoo. It is the first project to happen in this area and will prompt additional development in this area,” said Andy Wenzel, executive vice president and director of acquisitions/development at PlazaCorp Realty Advisors Inc., a Kalamazoo-based developer on the project.

Kzoo Hotel Partners purchased the building in December for $2.75 million, according to property records. It is is being developed by PlazaCorp and Fishers, Ind.-based Dora Hotel Co.

According to Wenzel, the partners expect in March to begin construction, which will be complete in 2021.

Read 5023 times Last modified on Tuesday, 26 February 2019 18:36