Although the vision for the View has changed somewhat since the development at 101 N. Front St. was first announced, work should begin by summer, partner and local developer Terry S. Espy says.

“The partnership is aiming for the next three months to start mobilizing and starting to go vertical,” Espy says.

Partners in the venture entered into an agreement in December with Kimpton Hotels & Restaurants, an upscale “boutique” hotel chain that will compliment the city’s plans for a revitalized downtown, Espy says.

View partners “are not totally in love with the financing options that have presented themselves, so we decided to give ourselves another three months,” Espy says. But if another investment package is not worked out, “We will go forward with (existing) financing,” she says.

The View, as it is now envisioned, would include a 130-room hotel, a restaurant and 30 upper-floor condominiums, Espy says.

Developers are working with city and county officials about tax credits in connection with the hotel, which will generate nearly 100 jobs, Espy says. A building permit is in hand, she adds.

More investors are inquiring about the project now that Kimpton is a component, Espy says.

Once work begins, an 18-month construction period is projected, she says.

City of Wilmington spokeswoman Malissa Talbert says the city “released this project for construction in May 2009, so from a city standpoint, the project can be constructed once the developer pulls building permits.”

Related link:

UPDATE: Developers on way to financing, hope to start View by early 2011

Date posted: March 18, 2010

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