21c Museum Hotel On Track Despite Delays
Lexington’s Urban County Council heard an update on the 21c Museum Hotel project Tuesday.
21c president Craig Greenberg said, despite delays and increasing costs related to the aging infrastructure at the First National Bank Building, the project remains on track for completion by December 2015.
"Lexington is a challenging market. There is significant risk in this project. It is not the strongest of hotel markets at the time. Still, we embrace this challenge and are excited about the opportunity," he said.
While most on the council were favorable toward the loan package for the project, Councilman Chris Ford worried aloud that a $6 million federal Housing and Urban Development loan could negatively impact other worthy projects.
"$6 million dollars dedicated to 21c, in my opinion for all intents and purposes, caps out our ability as a city to invest these scarce funds in other areas in our community," he said.
So far, cost estimates for the project have gone up by $3 million.
The hotel is expected to create close to 200 prevailing wage jobs and 125 full-time jobs once completed.