Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Real Estate Assets topic
No spam. Unsubscribe anytime.
Haven site hotel 85% complete; microturbine supplying power, water connection pending
Summary
Trustees were given an update on the Haven site project: the hotel is 85% complete, the exterior is largely finished, a microturbine is online, and the building currently uses cistern water while city waterwork awaits materials.
At a meeting of the Board of Trustees of the Retirement System, staff reported construction progress and operational details for the Haven site hotel and related mall property.
Garret, CEO of the Retirement System, said the hotel project is about 85% complete and that “the exterior of the building is essentially complete.” He added that most remaining work is interior build‑out and furnishing for 26 guest rooms.
Staff told trustees the hotel has an on‑site microturbine for power that is tested and running, making the hotel largely self‑contained for electricity. The hotel remains connected to city sewage; the water connection was described as scheduled “for the upcoming weeks” pending materials. Garret also noted the hotel was using cistern water with a 125,000‑gallon capacity while awaiting permanent water service.
The meeting record tied the property’s improving appraisal value to the Retirement System’s portfolio performance: the Haven site appraisal was included in the February portfolio numbers presented later in the meeting.
Trustees were also told that rental collections for system properties totaled $85,228 for the most recent period and $643,000 fiscal‑year‑to‑date; one private tenant was in arrears and staff said they were addressing that matter privately.
No formal action was taken on the Haven site during the meeting; staff said they will continue to monitor construction milestones and report updates to the board.
