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MIRA study session: Element hotel moves toward closing; Beatty Street parcel pitched for multifamily; capital tracker shows limited unallocated resources
Summary
In a MIRA (Medford Urban Renewal Agency) study session the agency updated the board on the Element hotel’s progress toward closing, discussed a potential phased multifamily project for a Beatty Street parcel, and reviewed the capital tracker showing limited unallocated resources.
In a MIRA (Medford Urban Renewal Agency) study session the agency’s project specialist updated the board on three items: the Element hotel downtown, a potential multifamily development on a Beatty Street parcel MIRA owns, and the agency’s capital tracker showing project allocations and remaining resources.
Element hotel: Harry Wise reported the site (corner of Fourth and Bartlett, previously exchanged with Lithia Real Estate) received an updated appraisal at $1.5 million, within the development agreement cap of $1.75 million. Western Hospitality LLC has bank financing in place from Bank of Colorado and plans to close in August. Wise said construction is expected to begin within roughly 45 days of closing; MIRA has agreed to pay up to $1,000,000 of system-development…
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