The Two Rivers City Council held a special meeting last week with those responsible for the impending hotel construction project. City Manager Greg Buckley told Seehafer News that an agreement was reached with Two Rivers Hotel Group LLC to begin development of the project. According to Buckley, there are “15 area investors, each putting up $100,000 in equity investments” for the hotel.
The $6.3 million project is “picking up a head of steam” Buckley told us. “Council approved a development agreement that, among other things, addresses terms for the City’s sale of the former Suettinger Hardware property,” which the City actually paid for, and demolished the building last summer. The City Manager explained that as the development proceeds the City will be “paid by the development $210,000 which represents reimbursement of the City’s investment.”
Buckley said that the Hotel Group is planning on building a “four-story, 55 room, cobblestone hotel, overlooking the harbor.” He said that the city is “pretty excited about it.”
