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Mason City gets financing commitment for downtown project

G8 Development secures financing for River City Renaissance project.

Posted: Jul. 20, 2018 10:10 AM
Updated: Jul. 20, 2018 6:13 PM

PRESS RELEASE FROM MASON CITY, CITY ADMINISTRATOR AARON BURNETT:

MASON CITY, Iowa - Steven J. Van Steenhuyse, Development Services Director for the City of Mason City, will address the Iowa Economic Development Authority (IEDA) Board at their regular meeting in Des Moines on July 20, to update them on the City’s “River City Renaissance” Reinvestment District project. This project includes a Courtyard by Marriott Hotel that will be developed by G8 Development, a California developer who has roots in Northern Iowa. In February, 2018, the IEDA Board approved the River City Renaissance project, contingent on G8 securing financing for the project.
“On Wednesday night, the City received confirmation that G8 Development has a financing commitment,” said Mr. Van Steenhuyse. “It was received too late to be included on the IEDA Board’s July 20 meeting agenda as an action item, but the River City Renaissance project is still on the agenda as an update item. I will be advising the Board that a loan confirmation has been received. We expect that the Board will formally release the financing contingency at their August 17 meeting.”
With IEDA Board release of the hotel financing contingency, the overall River City Renaissance project can move forward. The Courtyard by Marriott Hotel will be connected by a skywalk to the Music Man Square, located across from the hotel site on South Delaware Avenue, south of Southbridge Mall. The Music Man Square, which contains small conference rooms, music practice spaces and the Meredith Willson Museum Collection, will be renovated to accommodate larger conferences, meetings and receptions of up to 600 patrons.
The project also includes renovations to Southbridge Mall, with the former J. C. Penney space converted to a Multi-Use Arena that will accommodate 2,400 for hockey and sporting events, and up to 3,200 for concerts. The north entrance to the Mall would be renovated into an indoor/outdoor Performing Arts Pavilion, providing an intimate concert space within the Mall or outside on the Federal Avenue Plaza.
“We are thrilled that the pieces are falling into place so that construction can begin,” Van Steenhuyse said. “The River City Renaissance project will transform our downtown into a premier entertainment and conference location for the region and draw thousands of new visitors to our area.”

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