Posted: November 12, 2015 New Eau Claire hotel receives $500k grant
Taken from WQOW
By Bridget Curran
It will take a lot to turn the old Green Tree Inn and Suites into a modern day downtown Eau Claire hot spot, but developers have received several green lights to continue on with the project.
Tuesday afternoon developers gathered to present plans for The Oxbow Hotel, formerly The Green Tree Inn and Suites, at 516 Galloway Street.
"Putting a big box out by the highway full of hotel rooms is a lot cheaper than rehabbing old facilities right downtown," Nick Meyer, one of the developing partners involved with The Oxbow, said at the project's reveal Tuesday. "So it's just an expensive project. We wanted to do it at a high level of quality and in order to get there and have it have the benefit that we needed to have, we were just a little bit short on the money and so having some grant funds available is a very beneficial thing."
Meyer told News 18 it's about a $4 million project, which is why he's extremely grateful for the recent $500,000 grant that was awarded by the Wisconsin Economic Development Corporation. The City of Eau Claire also plans to match half of that grant with a $250,000, zero percent interest, loan. The loan does have one stipulation. It needs to be repaid in 13 years.
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