Kaskaskia Hotel tabbed for 2018 completion
The Kaskaskia Hotel could be open as early as summer 2018 if all goes according to plan.
The La Salle Rotary Club received an update on the project from Nathan Watson, general manager of real estate development at CL Enterprises, LLC on Wednesday.
“We wish it was yesterday,” Watson said to The Times regarding the completion date. “We’re excited to get this off the ground.”
Total projects costs are estimated to come out at $30 million and will be acquired from EB-5 investments, use of historic tax credits, new market tax credits, incentives, equity and conventional senior debt. To date, $3 million has been invested.
EB-5 investments are a part of the EB-5 Immigrant Investor Program wherein entrepreneurs are able to apply for a green card if they make investments in a commercial enterprise in the United States. An Illinois Valley Regional Center for EB-5 investments was established in Beijing, China. While this site is available to other businesses, it serves as the main promoting office for the Kaskaskia project in China. The center has been open for two months.
"Illinois has been a popular place for foreign investment and the rural character of the area is actually a bonus," Watson said.
Currently the group is finalizing all contracts with architects, interior designers and contractors. There are also pre-construction projects ongoing at the building, which include rebuilding the brick on the building.
When completed, Hotel Kaskaskia will be a first-class boutique hotel capable of holding 2,000 guests with a high emphasis on design and interior style. The hotel will house a fine dining restaurant, event spaces, sky lit ballroom, retail spaces and more. A fitness center and spa is planned to be included in what was previously the billiards room and locker rooms.
It’s expected the hotel will have 100 rooms and suites, which is the same number present at the Kaskaskia previously but the rooms in the updated Kaskaskia will be larger in size.
The original Kaskaskia closed in 2001 because of its obsolete mechanical, electrical and plumbing systems.
Blouke Carus purchased the building in 2003 for $1 with intentions to renovate the building and bring it back to prominence in the area. Plans were established but the economic crisis of 2008 led to difficulty finding financing.
The company believes that completion of this project would be key to tourism and development growth in the area. It would also lead to 300 new jobs, with 110 of them being direct, permanent jobs at the hotel.
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