Over the past four years, Kokomo leaders have touted the development of a downtown hotel and convention center. Then it fell into a black hole of uncertainty. Mayor Tyler Moore is now confident that the project is green-lit once again.
The future home of the long-awaited downtown hotel and convention center
Developer Tim Dora, operating alternately as Dora Hospitality and Dora Hotel Co., is re-attached to the project, according to Moore.
“We are at the table with the preferred developer,” said Moore. “Dora. They are the ones the city initially started the project with. The city worked its way through three or four additional developers until we were able to entice Mr. Dora back to the table “
Moore confirmed that the planned hotel still is projected to feature 120 rooms, and it will be connected to a 40,000 square-foot convention center along Superior Street between Main and Union streets. The Greater Kokomo Convention and Visitors Bureau (CVB) is expected to relocate to the new facility as well.
There is no word on whether the planned hotel will be a Hilton Garden Inn, as originally planned.
The Hilton Garden Inn and convention center, as originally proposed
“We are excited with the aggressiveness (Dora) has displayed in getting the numbers together and making this project work for him,” said Moore. “We are closer than we have ever been to turning dirt.”
The original projected cost was $26 million. The new estimate has not been established, but the city is prepared to commit millions in state and federal grant money to get things rolling. Two new sources of revenue that did not exist when the hotel and convention center was proposed now will help it become a reality.
Moore disclosed that the city has dedicated $3 million in American Rescue Plan Act (ARPA) funds to the project and has committed an additional $5 million in a Regional Economic Acceleration and Development Initiative (READI) grant from the Indiana Economic Development Corporation (IEDC).
“We’re still waiting to see whether we will get the entire amount or if we will have to give a little more with the READI grant,” said Moore. “We don’t have a timeframe, but we are ready to push paper. As soon as we get a better feeling for what we will receive from the READI grant that will determine the specifics.”