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The Problem: Richfield Hotel Associates retained
LaSalle Group to represent their interests in developing the 150-room Richfield
Inn Hotel located at Highway 494 and Lyndale Avenue South. The City of
Richfield, however, had imposed a building moratorium. Project financing
needed to be arranged, the architect and contractor needed to be selected,
and the hotel’s FF & E package had to be coordinated.
Our Solution: LaSalle Group worked successfully
with the City to rezone the property and negotiate tax-increment financing.
After brief negotiations with three architectural firms, we identified
the project architect. The contractor was selected via a competitive bid
process coordinated and monitored by LaSalle Group. We arranged the financing
and handled all contract negotiations, draws, and budget items during construction.
Weekly meetings were held with the project team. We worked closely with
the architect and contractor on punch list items, and with staff on installation
of FF&E items. Today, the hotel is managed by LaSalle Property Management
and it enjoys high occupancy and consistent profitability. |
