Kenosha---The redevelopers of a downtown Kenosha landmark sound as optimistic as ever that the $20 million project will become reality.
Gorman & Co. and one of its lenders recently received an $800,000 grant to help turn the former Elk's Club building into a boutique hotel.
The U.S. Dept of Health and Human Services grant is expected to serve as a catalyst for important new market tax credits, the final piece of the financing puzzle, according to Gorman exec Ted Matkom. The next round of credits will be awarded by the end of the year.
In addition to rehabbing the existing structure, the developer wants to add an attached building, creating space for 75 rooms, a restaurant, bar and other facilities.
Gorman's initial application for the tax credits was rejected earlier this year, but Matkom tells WGTD News that the Health and Human Services grant will boost the project's chances of receiving the tax credits the second time around.
Even though financing has yet to be secured, the Madison-based company has been doing site work.
Matkom says the company has been addressing unexpected soil contaminants that were uncovered on the site, including chemicals used for dry cleaning, the source of which is believed to be a business that was once adjacent to the site.
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