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Developers pitch $8.5M Eugene Hotel restoration; RDA signals tentative support pending an agreement
Summary
Soca Properties presented an $8.5 million proposal to restore the Eugene Hotel as a mix of hotel and extended‑stay units; RDA members expressed broad support and asked staff to draft a development agreement and revisit funding as project details and commitments solidify.
Developers seeking to restore the Eugene Hotel presented renderings and a financing outline to the Monroe Redevelopment Authority Committee and described the project as a way to reactivate a long-vacant downtown property.
Tyler Soca of Soca Properties described an approximately $8,500,000 renovation and said a market study projects nearly $7,000,000 in economic impact to the community during the first five years. "This is kind of what the ... snapshot of that very comprehensive study ... It's about an $8,500,000 project total," Soca said. The design would retain retail on the first floor, add apartment-style extended-stay suites on upper floors and include small fitness and public restroom space in the basement.
Soca said roughly $500,000 in private equity was verbally committed and the team sought additional private investment and conventional loans; they are also pursuing a $250,000 CDI grant and anticipated using historic tax credits as part of the capital stack. RDA staff told the committee the RDA fund balance is approximately $208,000. "I looked back at May's report ... you would have 200 in the actual fund balance," the administrator said, characterizing available RDA resources and an upcoming city payment that affects balances.
Members generally expressed enthusiasm for downtown revitalization and said the project likely fits RDA goals, but they asked for more specificity before allocating funds. One committee member urged drafting a development agreement and returning with a recommended dollar amount and timelines for any commitment. Several members suggested setting a sunset or condition on any reserved funds so the RDA would not hold money indefinitely if financing does not materialize.
No final decision or appropriation was made. The committee agreed to the next step: staff will work on a development agreement or application framework and bring a formal proposal back for review and possible approval once the developers produce more specific funding and timeline commitments.
