MUSCATINE, Iowa — A project both city and business leaders are hoping will be an economic anchor for downtown Muscatine is coming closer to reality after two years of planning and preparation, thanks to a local loan fund.
In fact, project developers believe that construction on the Hotel Stanley project, formerly known as Riverview Estates, could begin as early as this summer and be completed by the first quarter of 2017.
"We're really excited about this," project developer Rebecca Howe said Tuesday. "This will prove an economic to the downtown that will be sustainable."
The $42 million hotel and convention center project would be located in the 100 block of West Mississippi Drive in the heart of the central downtown business district. Last week, the project received news that it received $385,000 in funding from the Mercer-Muscatine County Revolving Loan Fund.
Since the fall of last year, the developers for the Hotel Stanley project have been Rebecca and Jim Howe of the Howe Investment Fund of Muscatine and Andrew MacClellan of the Atlanta-based Scottford Enterprises. They took over the project from original developers Tom and Ann Meeker of Muscatine Downtown Investors, who Rebecca Howe said decided to bow out of the project due to their involvement with other projects.
"They realized that this was pretty much over their heads," Howe said.
As it now stands, the project includes:
- A 112-room hotel next to the former Hotel Muscatine, including fitness and pool/spa facilities;
- 12,732 square feet of conference space;
- An additional 189 parking spaces for the hotel;
- Walkway access between the hotel and the former Hotel Muscatine, which currently houses The Pearl Martini Bar & Lounge, Tantra Thai Bistro and Pearl Plaza Condominiums along with some offices.
Howe said the developers are waiting on final approval of future hotel/motel tax rebates from the Iowa Economic Development Authority, which should be announced by the end of this month. She said the project has already received $20 million in equity and grant funding and $21 million in loan funding.