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Report: Hotel Northland renovation delayed due to financing issues

GREEN BAY, WI (WTAQ) - The start of the Hotel Northland renovation is being delayed.

Developer Frantz-Hobart was supposed to begin the $35 million project next month.

However, Green Bay Mayor Jim Schmitt tells FOX 11 that it will take longer for the doors to reopen after a closed door meeting with Frantz-Hobart.

"We want to make sure everything is connected and it's financed properly,” Schmitt told FOX 11.

The Iowa-based development team says it wants to turn the 90-year-old building where visiting NFL football teams stayed during the Vince Lombardi era from senior apartments into a 160-room boutique hotel.

But the developer says it still does not have all the financing it needs.

"We came to the conclusion that we still had some more work to do here in the near future. Hopefully, we'll have everything put together by November sometime,” said Jim Hobart.

Hobart would not say just how much they need to raise.

However, developers say they're looking to taxpayers for ways to help them out. Those include historic, state, and new market tax credits.

"They want to do it right. And to do it right, there's a complicated financing package. To do it right, it's so critical that we ensure the integrity of that building,” said Schmitt.

Also, Frantz-Hobart developers say they still haven't completed drawings of what the classic Green Bay landmark may look like.  Those plans may not be ready until next month.

"We did have some setbacks here and there but now I think we're on course,” said Hobart.

Developers tell FOX 11 that if everything stays to the current schedule, this new Hotel Northland building would be open in March of 2015. That's just as the renovations are set to finish on the KI Convention Center.

Frantz-Hobart bought the building from the city earlier this year for $3.1 million.