The meeting Oct. 21 with the owner of the Baker Hotel went well, according to Chad Patton spokesperson with investment firm Hunter Chase, and the development group will be meeting with the city later this week to talk financing.
“We’ve made good progress over the last few months,” Patton said.
The meeting with Greg Horne, of Phoeniz, Ariz., was intended to introduce the development team to the owner of the building.
“I think that clearly he sees where we’re going,” Patton said.
The development teams consists of general contractor HHC out of Austin, hotel operator La Corsha out of Austin and architect and interior designer Thiel & Thiel of Southlake.
The different trades have been working during the past months to decide exactly what each part of the renovation will cost.
“We know what we want to do,” Patton said. “We’re trying to uncover all the finances. … we’re getting much closer. We’re trying to fine tooth comb the costs.”
They have finished working out the details of almost all 14 floors except for the spa area and the landscaping and exterior.
“We’re trying to make sure we have a finite production cost,” Patton said. “[The economic climate] certainly makes it easier.”
“Once we shore up all our costs, then we can take it to the next step, [securing financing],” Patton said.
“We plan on meeting with the city next week to review financing,” Patton said.
They are still planning on seeking a creative combination of financing for the more than $40 million project, including tax increment financing through the city, historical tax credits, a program through the United States Department of Agriculture, and the Environmental Protection Agency’s asbestos abatement program.
In November 2007, the Industrial Foundation announced they entered into an agreement with Horne that locked the price of the historic building at $2.2 million. The agreement allows the Industrial Foundation to market the hotel to potential developers at that price.
The option was extended last year through Dec. 15, 2009.
A little over a year ago, the city announced receipt of a letter of intent from the Baker Hotel Development Group which includes Visions Southwest of Grapevine and Hunter Chase of Southlake.
Local News
Group pleased with Baker Hotel progress
- Local News
-
-
1950s Sock Hop event to benefit Salvation Army
The community is invited to take a trip back to the 1950s as a unique way to raise money for the Salvation Army.
-
Council to meet in Tuesday session
The Mineral Wells City Council is scheduled to meet in regular session at 6:30 p.m. Tuesday at the City Hall Annex, 115 S.W. 1st St.
-
Ware to speak at Heritage Association
RJ Ware will be the guest speaker at Thursday’s meeting of the Mineral Wells Heritage Association.
-
Currency buyers event coming to town
Mineral Wells is the next stop on the list for the International Coin Collectors Association’s world tour. During this event at the Best Western Club House Hotel Inn and Suites, 4410 U.S. Highway 180 East, the ICCA will be purchasing coins, paper currency, gold and silver on behalf of their global network of collectors, dealers and refineries.
-
PET OF THE WEEK: Catahoula mix looking for a new place to call home
“Capt. Jack” is a short hair, mixed-breed dog – mostly Catahoula leopard – with an intriguing red merle-patterned coat. This approximately 2-year-old, 55-pound male also has one blue eye and one brown eye. He will need to be fixed as part of his adoption.
-
Rising Stars to host Gibson exhibit, event
Rising Stars Art Gallery is hosting an evening of food, fun, music and – of course, art – on Friday, Feb. 10, from 5:30 p.m. to 7 p.m.
-
MWHS theater group to host art exhibit, auction
Mineral Wells Ram Theatre is hosting an art exhibit and auction on Saturday, Feb. 11, at the Mineral Wells Women’s Club building in downtown Mineral Wells.
-
Police Beat: Thefts, burglaries reported
According to Mineral Wells police reports, there were a number of property crimes reported over the past few days.
-
Thursday Blotter
The following people were processed through the Palo Pinto County Jail.
-
Driver killed in rollover wreck
The driver of a vehicle involved in a rollover crash just south of Mineral Wells Tuesday night died at the scene, according to authorities.
- More Local News Headlines
-
1950s Sock Hop event to benefit Salvation Army
Stranded Fishermen Rescued From Bay of Green Bay
Analyst: Outside Troops Won't Intervene in Syria
Murder Trial for Ex-U.Va. Lacrosse Player Begins
NY Giants Touch Down Victorious
Police: Father Planned Deadly Fire for Some Time
US, UK Pressure on Syria; More Homs Violence
Raw Video: Mass Killer Wants Medal, Freedom
Few Answers in Death of Sons of Missing Utah Mom
Court Strips Contador of Tour De France Title
Runaway Goat Leads Police on Wild Chase
And the Winner for Best Super Bowl Ad Is...
Raw Video: Deadly Helicopter Crash in Australia
Raw Video: Smoke, Purported Gunfire in Syria
Romney Latest Poll to Join Let-me-explain Club
Blast Kills Husband of Missing Utah Mom, 2 Boys
Obama: US, Israel Will Work Against Iran Nukes
NJ Museum Finds 19th Century Recording
Snow Causes Disruptions in Much of Europe
Clinton: Vetoed U.N. Syria Resolution 'travesty'
Romney Picks Up Decisive Win in Nevada Caucuses
