Feasibility Study At Former Bloomington Tire Company Property Underway

Feasibility Study At Former Bloomington Tire Company Property Underway

Date of Record: April 24, 2006

FOR IMMEDIATE RELEASE
April 24, 2006

For more information, contact:
Ron Walker, Director, Economic Development, City of Bloomington,349-3406
Maria K. Heslin, Communications Director, City of Bloomington, 349-3569

Bloomington, IN -- In his City Vision 2006 talk, Mayor Mark Kruzan said the City would announce six collaborative efforts with community groups in the next 60 days. Kruzan today announced the first in that series -- the formation of a partnership to study the feasibility of constructing and financing a new hotel and conference facility at the former home of the Bloomington Tire Company at 301 S. College Avenue.

Hunden Strategic Partners, a consulting firm specializing in destination real estate development, has been contracted to complete the study.[image:2160,left]

"The collaboration among Bloomington partners for this study is further evidence that we as a community are prepared to make the necessary investments in order to see our economy grow," Kruzan said. "Bloomington is an attractive meeting destination, and with the addition of an enhanced full-service hotel and conference center, our city's downtown will reap the rewards."

The collaboration to fund and oversee the study includes the Bloomington/Monroe County Convention and Visitors Bureau, City of Bloomington, Downtown Redevelopment Partners, LLC, and the Monroe County Convention Center Management Company.

"We are very excited about this team approach to examine the ability of building a new hotel and conference facility in downtown Bloomington," said Peter Dvorak, of Downtown Redevelopment Partners, LLC. "With both public and private partners overseeing the study, we are guaranteed to get a product that both we, as owners and developers of the site, and the public, can have confidence in being accurate and balanced."

The property being examined for construction of the hotel and conference space includes several parcels on South College Avenue just south of West Third Street.

The study will examine both the market demand for a full-service hotel and conference facility as well as the ability to develop such a facility at the southeast corner of S. College Avenue and W Third Street. It will build upon a previous report completed in 2004 by professionals from Hunden and will examine various hotel options in light of recent developments that have changed the Bloomington market.

Hunden will complete several tasks as part of the study, including economic and demographic profiling, a review of Bloomington's hotel supply, a capital budget forecast and an economic impact analysis.

A draft report from Hunden Strategic Partners is expected to be complete within five to six weeks.

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