Truckee’s Hotel Avery project looking for stimulus funds
March 19, 2010
TRUCKEE and#8212; A hotel planned for downtown Truckee is looking for federal stimulus funds to help stay the course of a possible 2012 open date.
Hotel Avery, owned by JMA Ventures (which also owns Alpine Meadows and Homewood ski resorts), was approved by the town in 2008. The hotel would include 40 rooms, a restaurant and underground parking on the corner of Bridge and South River streets.
Now, to get the project moving forward, JMA Ventures is going after up to $5 million in low-interest loans from the American Recovery and Reinvestment Act to start building.
and#8220;Last August I was able to get the (Nevada County) board of supervisors to declare Truckee an economic recovery zone, which enabled Truckee to access ARRA bonds,and#8221; said Ted Owens, supervisor for eastern Nevada County. and#8220;What JMA is doing is going after a big chunk of that to get Hotel Avery going which would create local jobs.and#8221;
Town Manager Tony Lashbrook said the town has been working with the county and JMA Ventures to get this loan.
and#8220;Itand#8217;s a good infill project to get going for Truckee, particularly in this economy,and#8221; Lashbrook said.
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David Tirman of JMA Ventures said the loan would help start financing the project and#8212; a challenging prospect in the current economy for any real estate development.
and#8220;Traditional funding is extremely difficult to come by today,and#8221; Tirman said. and#8220;So here we have a program that seems to make sense.and#8221;
If the board of supervisors approves the loan and JMA Ventures can get financing together, Tirman said the goal is to start some infrastructure late this summer, full construction summer 2011 and open sometime in the fall of 2012.
The Nevada County Board of Supervisors will consider the proposal to get stimulus fund loans for the Hotel Avery project at 11:30 a.m. Tuesday, at the county seat in Nevada City.
The meeting will be video conferenced at Truckee Town Hall, 10183 Truckee Airport Road. Truckee residents will both be able to watch the board of supervisors discussion, and provide comments and questions through the video conferencing.