- Associated Press - Tuesday, March 20, 2018

SIOUX CITY, Iowa (AP) - The Sioux City Council has approved at least $12 million in assistance for a $56 million project to convert two historic downtown buildings into luxury apartments and a nearly 150-room hotel.

Developer Lew Weinberg and development company Restoration St. Louis plan to turn the former Warrior Hotel and Davidson buildings into a Marriott Autograph brand hotel, the Sioux City Journal reported . The Davidson would house some hotel rooms, as well as luxury apartments, a restaurant and commercial space.

The City Council voted unanimously Monday for a financial package that includes a partially forgivable $5 million loan, a portion of the city’s share of hotel-motel taxes generated by the facility, property tax incentives and reduced rates for city ramp parking. The agreement states that the project will have a minimum assessment of $15 million.

Many council members expressed excitement over the project.

“It’s been kind of an eyesore, I want to say, downtown for quite a while,” Councilwoman Rhonda Capron told Weinberg. “You’ve gone through many stages trying to figure out what to do with this building, and it’s finally come to here we are. And I’m real excited about it.”

Weinberg said he believes the work will begin this summer. He will work on securing the project’s final financing in the interim period.

“We’re happy to be able to get to this stage of the development,” Weinberg said.

Copyright © 2018 The Washington Times, LLC.

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