Isanti hotel developers give update on project

The Isanti-Cambridge area currently is underserved by one hotel and that is located in the city of Cambridge.

Isanti Hotel Partners, LLC has been working with the city of Isanti as well as a local contractor to bring a hotel to Isanti to meet the demand of the region. The city of Isanti approved the site plan for a 33-unit hotel with a pool and has strong public support by the city.

Work on the project began in 2011 and a development agreement between Isanti Hotel Partners, LLC and the city of Isanti providing $600,000 in public investment to the developer was executed in June 2012, paving the way for the project to commence.

A permit was pulled for the project shortly after and preliminary work was completed on the site. Special Tax Increment Financing (TIF) legislation gave Isanti the ability to provide the initial significant public investment and Isanti supported it due to the high priority and demand of the hotel for the city and the region.

The project appears to have stalled when the contractor and majority investor backed out in October 2012. There is still time to complete the necessary work in 2012 to move the project forward and to open in 2013, but committed investors are needed.

Isanti Hotel Partners, LLC has not given up on this project as it certainly is needed in the area. However, with the present economic environment, many investors appear to be balking at this type of investment regardless of the illustration of need and positive pro forma income statements.

Isanti Hotel Partners, LLC has hired a prominent hotel organizer, Troy Hoekstra, to lead the project.

Hoekstra has organized and financed a number of these projects across the Midwest and is well thought of in the hotel community. However, Hoekstra has not been able to attract enough local investors to bring the investment to the point of being underwritten by a local bank and its partners that have successfully financed similar projects.

Only a few more investors are needed to complete the investment group and to re-commence construction of the project. Should anyone have interest, they should contact Hoekstra immediately at [email protected] for the particulars as the time frame to succeed is determined by state statute and will expire shortly.

The city of Isanti is fully behind this project and is very motivated to add this important component to the region to better serve residents, businesses and visitors of the area.

A long list of local businesses, community organizations and other supporters of this project can be provided upon request. Isanti is home to many exciting events that serve as a draw to this community.

These events will only grow in size and prominence with the addition of a new hotel.

The Isanti-Cambridge area looks forward to your interest in our area and welcomes your investment into our community.