An interim agreement was executed by the Lake Wales Community Redevelopment Agency (CRA) and Walesbilt Hotel developer, Restoration St. Louis Inc.
The CRA will pay Restoration St. Louis Inc. a sum not to exceed two million dollars to design and prepare the hotel for construction.
The agreement authorizes the developer to implement project goals, assess structural and historical conditions, establish guidelines to meet regulatory requirements and historic preservation standards, and initiate the preconstruction design and construction documents.
The estimated restoration cost of the hotel under the structured public-private partnership is nearly $43 million.
“Our goal is to produce a more accurate construction budget based on completed design and proposed architectural work,” City Manager James Slaton said.
The interim agreement stipulates the CRA’s total contribution to the project will not exceed $17.5 million for both the preconstruction and construction phase agreements.