Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the College Square Dora topic
No spam. Unsubscribe anytime.
Dora Hospitality proposes hotel plus 80–100 residences, seeks project‑based TIF for parking
Summary
Dora Hospitality presented an alternative College Square bid: a hotel and 80–100 market‑rate residential units, approximately 20,000 sq ft of retail and ~200 structured parking stalls. The team said it would apply for a $5,000,000 project‑based TIF and offered a $1,000,000 land purchase with revenue sharing to bridge a financing shortfall.
Vince Dora of Dora Hospitality outlined a two‑building scheme that pairs a hotel and multifamily residential component connected by a central promenade and a storefront‑lined pedestrian space. Dora said the team intends to request the RDC's $5,000,000 project‑based TIF and would apply that toward shared structured parking; he described a $1,000,000 purchase offer coupled with revenue from hotel operations to offset public subsidy needs.
Architect David Rausch and partners described design moves intended to activate College Avenue and the B Line. On risk allocation, Dora stated the developers would assume project risk and sign personal guarantees for construction and permanent loans: "There is no risk to the city of Bloomington, the RDC, or anyone else. The risk is fully on us as developers," he said. The team estimated design/predevelopment would take about nine months with construction starting next spring and 18–20 months to opening.
