Unbridled purchased the Hotel St. Cloud from the auction block a little more than three years ago. A lot of work has gone on behind the scenes, but the recent spike in building costs has added $1 million to renovation costs, putting the total project at risk and beyond the limitations of Unbridled’s current resources.
The company now is reaching out to a larger audience and crowdsource financing solutions that could potentially include other partners/shareholders to help move the project over the finish line.
Despite the cash shortfall, the project is shovel-ready.
“We’ve gotten the asbestos out of it, all of the plans are done, the construction company is on board,” said Stan Bullis, founding partner of the Unbridled Companies. “The drawings are stamped by the city and we’ve been approved for Phase 1 tax credits.”
Unbridled recently issued a project update letter in hopes of garnering support from the community. The group also wants to see if anyone has creative ideas for moving the project forward, which once financing is in, will take 24 months to complete.
“I don’t think that Unbridled is supposed to do this alone,” Bullis said.
The company is looking for bridge lenders, investors or equity partners to help close the gap.
Unbridled has set a deadline of Oct. 1 to determine if the Hotel St. Cloud is its next project or if it should be set aside for now while investment dollars are moved to other Cañon City projects.
“We have a lot of other things to do,” Bullis said. “The question is do we have the right plan in the wrong order? There is no question that the hotel is the flagship of everything that we are going to do here.”
Fremont Provisions opened in May, and now Unbridled is looking to renovate the Cabrini Building and chapel on the Scholastica site, build out retail space at 427 Main St., and put a new floor in the Annex Event Center.
The Cabrini Building will be grafted into the hotel and will house nine suites and a presidential suite on the third floor, with a spa on the garden level. The chapel building will be used for weddings or corporate events.
During the last year, Unbridled also has completed the Post Office Event Space and finished the upstairs at the Annex.
“While it is heartbreaking to consider delaying the hotel project, we want to keep our commitment to progress and advancement of hospitality in Cañon City,” Bullis wrote in his letter.
Unbridled currently has six administrative employees officing out of the Apex Commons and a total of 50 employees on payroll in various capacities in Cañon City.
“With every project, we have hired local contractors, plumbers, electricians, and handymen in an attempt to support local residents and businesses,” Bullis’ letter states. “At times these projects have felt like pushing a boulder up a hill; even so, we remain committed to the restoration of people and places in Fremont County.”
Anyone who has any banks, investors, funds, or the like that might be a good fit for the Hotel St. Cloud project, or who would like to see the plans, budgets or further information to consider partnering with the hotel project, may email Bullis at sbullis@unbridled.com.
"complete" - Google News
July 31, 2021 at 06:26AM
https://ift.tt/3fefXA9
Hotel St. Cloud owners face cash shortfall, seek input to complete project - Canon City Daily Record
"complete" - Google News
https://ift.tt/2Fvz4Dj
https://ift.tt/2YviVIP
No comments:
Post a Comment